{"id":2309696,"date":"2024-07-26T15:25:49","date_gmt":"2024-07-26T19:25:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2309696"},"modified":"2024-07-26T15:33:31","modified_gmt":"2024-07-26T19:33:31","slug":"trader-guest-commentator-for-fox-business-and-cnbc-charged-in-16-million-manipulation-scheme","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trader-guest-commentator-for-fox-business-and-cnbc-charged-in-16-million-manipulation-scheme\/","title":{"rendered":"Trader, Guest Commentator for Fox Business and CNBC Charged in $16 Million Manipulation Scheme"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrader-guest-commentator-for-fox-business-and-cnbc-charged-in-16-million-manipulation-scheme%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2309696&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/michigan-ag-charging-16-trump-supporters-with-eight-felonies-each-this-is-a-monstrous-injustice\/\" title=\"Michigan AG files eight felony charges against 16 Trump supporters, sparking outrage.\">federal grand \u2064jury<\/a> in California has charged Andrew Left, a \u2064prominent short seller, with securities fraud related to a scheme involving manipulation of stock\u200b prices estimated to have gained \u200chim approximately $16 million. The Department of Justice alleges that Left, through his company Citron Research, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/georgia-gop-governor-rips-mlb-for-caving-to-cancel-culture-says-president-biden-is-lying-about-voting-reform-bill\/\" title=\"Georgia GOP Governor Rips MLB For \u2018Caving To Cancel Culture,\u2019 Says President Biden Is \u2018Lying\u2019 About Voting Reform Bill\">made false statements<\/a> and manipulated stock prices by \u200cusing\u200c sensationalized\u2062 commentary on\u200d social media and investment recommendations targeting popular retail stocks. If convicted, Left could face up to 25 years in prison. The Securities and Exchange Commission has also filed a separate\u2063 civil case against Left and \u2064Citron for a $20 million fraud scheme that allegedly\u200b misled investors. Additional allegations suggest that Left has\u2064 a history of misconduct, \u200bincluding \u2063a past ruling against him for publishing misleading information about a company\u2062 in\u200c Hong Kong.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section>\n<p>A federal grand jury in California has charged short seller Andrew Left with multiple counts of securities fraud for a $16 million <a href=\"https:\/\/www.westernjournal.com\/report-shows-much-top-lawmakers-made-stock-market-2023\/\" target=\"_blank\" rel=\"noopener\">stock market manipulation scheme<\/a>.<\/p>\n<p>The <a href=\"https:\/\/www.westernjournal.com\/department-justice-finally-admits-truth-hunter-biden-laptop-new-court-filing\/\" target=\"_blank\" rel=\"noopener\">Department of Justice<\/a> said in a statement on Friday that Left, who was a securities analyst, trader, and guest commentator on television channels including CNBC and Fox Business, is charged with one count of engaging in a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/eight-social-media-influencers-charged-by-the-sec-with-securities-fraud\/\" title=\"Eight Social Media Influencers Charged by the SEC With Securities Fraud\">securities fraud scheme<\/a>, 17 counts of securities fraud, and one count of making false statements to federal investigators.<\/p>\n<p>As a short seller, Left would make money betting stocks would fall.<\/p>\n<p>The Justice Department said that Left conducted business under the name Citron Research, which had a website that published investment recommendations.<\/p>\n<p>He published research on companies ranging from Tesla and GameStop to Grand Canyon Education and Peloton.<\/p>\n<p>  <script> \t\t\t\tif( ! getCookie( 'ff_subbed' ) ) if( typeof FFADS.replace_ict !='undefined' ) if( FFADS.replace_ict ) eval( FFADS.replace_ict ); \t\t\t<\/script> <\/p>\n<p>If convicted, Left faces a maximum penalty of 25 years in prison on the securities fraud scheme count, 20 years in prison on each securities fraud count, and five years in prison on the false statements count.<\/p>\n<p>According to the indictment, Left would comment on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stunning-reddit-shuts-down-wallstreetbets-subgroup-blames-racism-and-hate-speech-after-rookie-investors-in-general-public-make-money-causing-hedge-funds-to-go-bust\/\" title=\"STUNNING: Reddit Shuts Down WallStreetBets Subgroup \u2014 Blames Racism and Hate Speech \u2014 After Rookie Investors in General Public Make Money Causing Hedge Funds to Go Bust\">publicly traded companies<\/a> and make recommendations on the s.<\/p>\n<p>The commentary often included sensationalized headlines (&ldquo;Investors Peddling Themselves into Frenzy&rdquo;) and exaggerated language to maximize the reaction it would get from the stock market.<\/p>\n<p>As alleged, Left knowingly exploited his ability to move stock prices by targeting stocks popular with retail investors and posting recommendations on social media to manipulate the market and make fast, easy money.<\/p>\n<p>The indictment further alleged that before Citron would publish its commentary, Left would create long or short positions in a public company on which he was commenting in his trading accounts and prepared to quickly close those positions after Citron&rsquo;s publication and take profits on the short-term price movement caused by his commentary.<\/p>\n<p>Separately, the Securities and Exchange Commission said that it is charging Left and Citron in what they said was a $20 million fraud scheme that used &ldquo;bait and switch&rdquo; tactics to mislead investors.<\/p>\n<p>The SEC&rsquo;s complaint, filed in the United States District Court for the Central District of California, charges Left and Citron Capital with violating antifraud provisions of the federal securities laws.<\/p>\n<p>&ldquo;Andrew Left took advantage of his readers. He built their trust and induced them to trade on false pretenses so that he could quickly reverse direction and profit from the price moves following his reports,&rdquo; Kate Zoladz, Director of the SEC&rsquo;s Los Angeles Regional Office, said in a statement.<\/p>\n<p>The complaint seeks disgorgement, prejudgment interest, and civil monetary penalties against Left and Citron and conduct-based injunctions, an officer-and-director bar, and a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/supreme-court-to-weigh-secs-use-of-in-house-judges-after-agency-tainted-dozens-of-cases\/\" title=\"Supreme Court to assess SEC&#039;s use of in-house judges following numerous tainted cases.\">penny stock bar<\/a> against Left.<\/p>\n<p>Representatives at Citron Resarch didn&rsquo;t immediately respond to a request for comment. According to the complaints, Left has relocated to Boca Raton, Florida from Beverly Hills, California.<\/p>\n<p>The latest charges were not the first time Left has been accused of misconduct.<\/p>\n<p>In 2016, a Hong Kong tribunal ruled that Andrew Left engaged in market misconduct by publishing false or misleading information about a Chinese property developer, Evergrande, in June 2012.<\/p>\n<p>But Evergrande, whose debt ballooned to exceed $300 billion, was unable to come to terms with its creditors and was ordered earlier this year to liquidate.<\/p>\n<p style=\"font-style: italic;\">The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\">  <\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> <label>* Name<\/label> <br \/> <input type=\"text\" name=\"name\" required> <\/div>\n<div class=\"sc--field\"> <label>* <\/label> <br \/> <input type=\"text\" name=\"\" required> <\/div>\n<p> <label>* Message<\/label> <br \/> <textarea name=\"message\" required><\/textarea>  <\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> <input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\">  <\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> <script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! ( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script>  <\/div>\n<div class=\"ff-fancy-header-container\">  <\/div>\n<style> \t\t\t \t\t\t.insticator-unit.type-commenting{margin: 0 10px 25px 10px}@media screen and (max-width:1060px){#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{margin: 0 auto 25px auto !important;}}#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{height: 280px !important; width: 336px !important} \t\t<\/style>\n<div class=\"insticator-unit type-commenting\">\n<div class=\"insticator-ads\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-1\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-2\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-1\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-2\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<div class=\"insticator-ads additional\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-3\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-4\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-3\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-4\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A federal grand jury in California has indicted short seller Andrew Left on several counts of securities fraud related to a $16 million stock market manipulation scheme. The Department of Justice announced on Friday that Left, a former securities analyst, trader, and commentator for networks like CNBC and Fox Business, faces one count of participating in a securities fraud scheme, 17 counts of securities fraud, and one count of making false statements to federal investigators. As a short seller, Left profited by betting against stocks. The Justice Department noted that he operated under the name Citron Research, which had a website offering investment advice. His research covered various companies, including Tesla, GameStop, Grand Canyon Education, and Peloton.<\/p>\n<p>If found guilty, Left could face up to 25 years in prison for the securities fraud scheme count, 20 years for each securities fraud count, and five years for the false statements count. The indictment alleges that Left would comment on publicly traded companies and make recommendations, often using sensational headlines and exaggerated language to provoke strong reactions in the stock market. It is claimed that he deliberately took advantage of his influence to manipulate stock prices by targeting stocks favored by retail investors and posting recommendations on social media to generate quick profits.<\/p>\n<p>Additionally, the indictment states that before Citron published its commentary, Left would establish long or short positions in the companies he was discussing and would quickly close those positions after publication to capitalize on the resulting price fluctuations. Separately, the Securities and Exchange Commission (SEC) has charged Left and Citron in connection with a $20 million fraud scheme that allegedly employed &#8220;bait and switch&#8221; tactics to deceive investors. The SEC&#8217;s complaint, filed in the U.S. District Court for the Central District of California, accuses Left and Citron Capital of violating federal securities laws.<\/p>\n<p>&#8220;Andrew Left exploited the trust of his readers, encouraging them to trade based on false information so he could profit from the subsequent price changes,&#8221; stated Kate Zoladz, Director of the SEC\u2019s Los Angeles Regional Office. The SEC is seeking the return of profits, interest, civil penalties, and various bans against Left. Citron Research representatives did not respond to requests for comment. The complaints indicate that Left has moved from Beverly Hills, California, to Boca Raton, Florida. This is not the first time Left has faced allegations of misconduct; in 2016, a tribunal in Hong Kong found him guilty of market misconduct for disseminating false information about the Chinese property developer Evergrande in 2012. Evergrande, which accrued over $300 billion in debt, was unable to reach an agreement with its creditors and was ordered to liquidate earlier this year<\/p>\n","protected":false},"author":1,"featured_media":2309706,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/07\/fe31743b213d40bdacbba333bc2c05b0-scaled-e1722011003927.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[5251,36384,36383,36385,28218],"class_list":["post-2309696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-cnbc","tag-fox-business","tag-guest-commentator","tag-manipulation-scheme","tag-trader"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/07\/fe31743b213d40bdacbba333bc2c05b0-scaled-e1722011003927.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2309696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2309696"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2309696\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2309706"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2309696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2309696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2309696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}