Citron

James

Andrew Left, the famous short-seller and Citron Research founder, pleaded not guilty to federal fraud charges in Los Angeles. The Justice Department accuses him of manipulating the market for personal gain and lying to investigators.&nbsp;
The case, filed last week, claims Left used Citron Research to benefit his trading positions unfairly. Prosecutors allege he created a false impression with public stock comments and quickly closed positions after releasing reports to profit from price changes.
According to a <a href="https://www.bloomberg.com/news/articles/2024-07-30/andrew-left-pleads-not-guilty-setting-up-fight-over-short-sales" target="_blank" rel="noopener noreferrer nofollow">Bloomberg report</a>, during the 40-minute court hearing, Magistrate Judge Rozella Oliver set a $4 million bond, with $1 million collateralized. Left must come up with the $1 million by August 5. Assistant US Attorney Brett Sagel argued that Left poses a flight risk due to his significant assets, including international property.
Left, who was handcuffed and wore a dark blazer in court, mostly answered “yes” or “no” to the judge’s questions. His trial is scheduled for September 24. Until then, Left is restricted from making financial transactions over $100,000 without permission, and his trading activities are limited. He must also surrender his passport and is restricted to domestic travel.
James Spertus, Left’s lawyer, criticized the government’s case as flawed, arguing that Left had no obligation to disclose his trading intentions. He emphasized that Left is not accused of publishing false information.
In addition to the criminal charges, the US Securities and Exchange Commission has filed a separate civil lawsuit against Left for alleged legal violations.
Andrew Left’s not guilty plea to fraud charges highlights a contentious legal battle that could redefine market manipulation standards. If proven, his actions could significantly impact how short-sellers and financial analysts operate.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/07/27/cftc-secures-31m-settlement-in-crypto-and-forex-fraud-case/" target="_blank" rel="noopener noreferrer nofollow">CFTC Secures $31M Settlement in Crypto and Forex Fraud Case</a>
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Citron Founder Pleads Not Guilty to Short-Selling Fraud Case

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