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<ul> 
 <li>The SEC has filed a lawsuit against Andrew Left and Citron Capital LLC for a $20 million fraud scheme involving false stock recommendations.</li> 
 <li>The SEC alleges Left made $16 million by manipulating stock market activity through false statements on his Citron Research website and social media.</li> 
 <li>Left’s fraudulent scheme allegedly involved misleading followers about positions in 23 companies, including GameStop, from 2018 to 2023.</li> 
</ul> 
<p>The US Securities and Exchange Commission (<a href="https://www.sec.gov/" target="_blank" rel="noreferrer noopener nofollow">SEC</a>) recently filed a lawsuit against Andrew Left and his company Citron Capital LLC. The SEC lawsuit accuses Left and Citron Capital of running a $20 million fraud operation over years.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;">BREAKING: SEC SUES GAMESTOP SHORTERS<br><br>They announced they are suing short-seller Andrew Left and Citron Research for stock manipulation.<br><br>Left is the editor of the online investment newsletter Citron Research, which has famously taken short positions on GameStop.<br><br>They allege… <a href="https://t.co/YB4sBKysD7">pic.twitter.com/YB4sBKysD7</a></p>— Mario Nawfal (@MarioNawfal) <a href="https://twitter.com/MarioNawfal/status/1816813966699405740?ref_src=twsrc%5Etfw">July 26, 2024</a>
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<p>The SEC believes Left made misleading and deceptive comments about his stock trading advice. These activities occurred between 2018 and 2023. Left manipulated stock market activity through his Citron Research website. Other media platforms were also used and he earned an estimated $16 million in illegal profits.</p> 
<p>According to the SEC, Left advised his audience to invest long or short in 23 companies <a href="https://cryptonewsland.com/gamestop-trader-keith-gill-faces-class-action-lawsuit-over-social-media-posts/" target="_blank" rel="noreferrer noopener">including GameStop</a>. He advised them to assume that their positions were consistent with his own. However, the SEC petition reveals that this was a deceptive practice&nbsp; which he repeated 23 times.</p> 
<p>The SEC also showed that Left boasted to coworkers about the success of the statements he made to his audience. He reportedly compared it as stealing candy from a baby, demonstrating the ease with which he persuaded retail investors to trade on his advice.</p> 
<p>Citron Capital has a history with GameStop, having taken a significant loss in 2021. Citron started a new short position against GameStop in June, coinciding with the video-game <a href="https://cryptonewsland.com/gamestop-shares-surge-over-47-as-keith-gill-announces-return-to-livestreaming/" target="_blank" rel="noreferrer noopener">retailer’s stock price</a> rising by 75%.</p> 
<p>The SEC is seeking disgorgement, prejudgment interest, and civil monetary penalties against Left. The regulator intends to hold Left accountable for his suspected deceptive actions.</p> 
<p>The SEC’s complaint against Andrew Left and<a href="https://citronresearch.com/" target="_blank" rel="noreferrer noopener nofollow"> Citron Capital</a> LLC represents a move towards protecting investors from fraudulent schemes. The outcome of this case is anticipated to have major effects on the financial industry. The filing highlights the SEC’s commitment to market integrity.</p> 
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<p>The post <a href="https://cryptonewsland.com/sec-sues-andrew-left-of-citron-capital/">SEC Sues Andrew Left of Citron Capital for $20 Million Fraud Scheme</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

SEC Sues Andrew Left of Citron Capital for $20 Million Fraud Scheme

Crypto News Land

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