Citron

Bitcoin

James

Andrew Left, the founder of Citron Research, a well-known short-selling financial research firm, has <a href="https://www.bloomberg.com/news/articles/2024-07-30/andrew-left-pleads-not-guilty-setting-up-fight-over-short-sales" rel="noopener noreferrer nofollow">entered</a> a plea of not guilty to multiple securities fraud charges. On July 26, Left faced the charges in a federal court in Los Angeles, presided over by Judge Rozella Oliver. The judge imposed significant bail conditions, including a $4 million unsecured bond and a $1 million collateralized bond.
Left is required to post the collateralized bond by August 5. In addition, Judge Oliver ordered Left to surrender his passport due to the flight risk. This is because Left has over $70 million of overseas property. The opposite side argued, “He can walk out of this country and live a very luxurious life.”
<h2 id="span-style-font-weight-400-restrictions-span">Restrictions</h2>
In response to the charges, Left’s financial activities have been heavily restricted. He is not allowed to make any transactions exceeding $100,000 without special permission, and his trading activities have also been curtailed.
During the court proceedings, Left appeared with his hands cuffed and responded to the judge’s questions with brief, one-word answers. His trial is scheduled to begin on September 24.
Left has been vocal in the past about his belief that the cryptocurrency industry is filled with fraud. Citron Research has also previously targeted the sector, recommending that investors short <a href="https://thecoinrise.com/coinbase-bounces-back-after-system-outage/" rel="noopener noreferrer nofollow">Coinbase stock following a temporary outage</a> of the exchange on February 28.
<h2 id="span-style-font-weight-400-serious-charges-span">Serious Charges</h2>
The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) both filed charges against Left on July 26. The agencies accuse him of profiting $16 million through a deceptive practice known as <a href="https://thecoinrise.com/andrew-left-accused-of-securities-fraud-for-misleading-stock-recommendations/" rel="noopener noreferrer nofollow">“bait and switch” stock recommendations</a>, which misled retail investors.
According to the SEC, Left would buy back stock immediately after advising his readers to sell and sell stock immediately after advising them to buy.&nbsp;
Left’s attorney, James Spertus, has labeled the case as “defective” and argues that Left had no obligation to disclose his personal trading intentions. Spertus has <a href="https://www.cnbc.com/2024/07/29/andrew-left-citron-capital-securities-fraud-los-angeles.html" rel="noopener noreferrer nofollow">stated</a> that Left would “never” accept a plea deal, as doing so would imply guilt. This case is part of a broader national effort to scrutinize the relationships between hedge funds and short-seller research firms.
Recently, short seller firm Culper Research criticized Bitcoin mining firm Iris Energy (IREN) on July 11, calling the firm “wildly overvalued” and accusing it of making grandiose claims about its artificial intelligence and high-performance computing plans without substantial investment.
The post <a href="https://thecoinrise.com/andrew-left-pleads-not-guilty-to-securities-fraud-charges/" rel="noopener noreferrer nofollow">Andrew Left Pleads Not Guilty to Securities Fraud Charges</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Andrew Left Pleads Not Guilty to Securities Fraud Charges

Inhoudsopgave

TheCoinrise Media

Andere artikelen gepubliceerd op 30 jul 2024

Solana (SOL) Not Security: SEC Has Major Change of Heart

Crypto Scams on the Rise: Fake Video Conferencing Apps Target Job Seekers for Crypto

XAUUSD Trading Platforms

Solana's Solend Rebrands to Save and Launches Dumpy.fun for Shorting Memecoins

Bitcoin Drops Below $67,000: What Is Going On With Bitcoin, Ethereum ETFs?

Altcoin Season Faces Challenges Despite Market Movements

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!