Official SEC announcements and press releases

SEC Sues Andrew Left and Citron Capital for $20 Million Fraud Scheme Involving $16 Million in Profits

Jul 26, 2024, 01:14 PM

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Andrew Left and his firm, Citron Capital, accusing them of engaging in a $20 million fraud scheme. The SEC alleges that Left and Citron manipulated stock prices through misleading research reports and social media posts from 2018 to 2023. The complaint states that Left made exaggerated or false statements about stocks to profit from short sales. Federal prosecutors have also charged Left with securities fraud, accusing him of manipulating the prices of 15 stocks and earning $16 million. The indictment claims that Left lied to investigators about his ties to hedge funds and coordinated trading with them in advance of releasing his reports. Companies mentioned in the indictment include GameStop, Nvidia, and Tesla. Left, who resides in Boca Raton, is accused of using 'bait-and-switch' tactics to mislead investors.