Citron

2024

Bitcoin

James

<ul>
 <li>Andrew Left of Citron Research pleaded not guilty to securities fraud charges on July 26 in Los Angeles.</li>
 <li>Left is restricted from financial transactions over $100,000 and had to surrender his passport.</li>
 <li>The SEC and DOJ claim Left made $16 million through misleading stock recommendations.</li>
</ul>
Andrew Left, founder of Citron Research, pleaded not guilty to securities fraud charges during a federal court hearing in Los Angeles on July 26.Judge Rozella Oliver imposed a $4 million unsecured bond and a $1 million collateralized bond on Left. He is required to post the collateralized bond by August 5.
Court Imposes Travel and Financial Restrictions
During the hearing, Judge Oliver ordered Left to surrender his passport. The decision came after Assistant U.S. Attorney Brett Sagel argued that Left posed a flight risk. Sagel cited Left’s substantial assets, which include a property abroad, as a reason for the restriction.&nbsp;
Left’s financial transactions above $100,000 have also been restricted without special permission. His trading activities are currently under scrutiny.
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 <a href="https://twitter.com/hashtag/Andrew?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Andrew</a> Left, founder of <a href="https://twitter.com/hashtag/Citron?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Citron</a> Research, has pleaded not guilty to securities fraud charges related to allegedly misleading stock recommendations. A <a href="https://twitter.com/hashtag/federal?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#federal</a> judge in <a href="https://twitter.com/hashtag/Los?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Los</a> Angeles imposed a $4 million unsecured bond and restricted his financial transactions. <a href="https://twitter.com/hashtag/Left?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Left</a>'s trial… <a href="https://t.co/XzWmBN9O3b" rel="noopener noreferrer nofollow">pic.twitter.com/XzWmBN9O3b</a>— TOBTC (@_TOBTC) <a href="https://twitter.com/_TOBTC/status/1818160450280046815?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 30, 2024</a>
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Charges Stem from Alleged Misleading Stock Recommendations
<a href="https://cryptonewsland.com/sec-sues-andrew-left-of-citron-capital/" target="_blank" rel="noopener noreferrer nofollow">The US Securities and Exchange Commission (SEC)</a> and the Department of Justice (DOJ) have charged Left with making $16 million from “bait and switch” stock recommendations. The agencies claim that Left made misleading stock recommendations to retail investors for personal gain. According to the SEC, Left bought back stock after advising his readers to sell and sold stock after advising them to buy.
James Spertus, Left’s lawyer, described the case against Left as “defective.” Spertus stated that Left had no obligation to disclose his personal trading intentions. He also mentioned that Left would not accept a plea deal from prosecutors, as it would imply wrongdoing. The trial date for Left has been set for September 24.
Broader Implications for Short-Seller Firms
The case against Left is part of a nationwide effort to examine relationships between hedge funds and short-seller research firms. Citron Research, Left’s firm, has previously targeted the cryptocurrency industry. Other short-seller firms have also targeted crypto firms recently.&nbsp;
Culper Research criticized Bitcoin mining firm IREN ...
The post <a href="https://cryptonewsland.com/citron-research-founder-andrew-left-pleads-not-guilty-to-securities-fraud-charges/" rel="noopener noreferrer nofollow">Citron Research Founder Andrew Left Pleads Not Guilty to Securities Fraud Charges</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Citron Research Founder Andrew Left Pleads Not Guilty to Securities Fraud Charges

Crypto News Land

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