The US Securities and Exchange Commission recently initiated legal action against Andrew Left and Citron Capital LLC, alleging their involvement in a $20 million fraudulent scheme. Left, the editor of Citron Research, is accused of manipulating the stock market through deceptive recommendations on his website and social media. The fraudulent activities spanned from 2018 to 2023 and reportedly led to Left earning $16 million unlawfully. The SEC disclosed that Left misled his audience regarding positions in 23 companies, including GameStop, urging them to mirror his trades. Additionally, Left's unethical actions were further evidenced by his boasting about the success of his misleading statements and how effortlessly he influenced retail investors. The lawsuit seeks disgorgement, prejudgment interest, and civil monetary penalties against Left as the SEC aims to uphold market integrity and protect investors from such fraudulent practices.
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