Short Selling Firm Citron Research Founder Found Guilty of Securities Fraud

BlockBeats News, June 2nd, After a landmark trial, Citron Research founder and one of the world's most famous short sellers, Andrew Left, was found guilty of securities fraud by a U.S. federal jury. The trial focused on his behavior of manipulating stock prices through social media. The verdict was delivered on Monday in Los Angeles following a three-week trial, during which the jury deliberated behind closed doors for a full two days. Left was accused of illegally influencing the stock prices of dozens of companies through "explosive" tweets and profiting from it.

The prosecution pointed out that between 2018 and 2023, he made approximately $20 million in profits through such trades. For the U.S. Department of Justice, this verdict marks a victory in one of the white-collar crime cases brought during the tenure of former President Trump, although the investigation into this case actually began during the Biden administration. During Trump's presidency, many such prosecutions were dropped, and he even exercised his pardon power for some convicted defendants. (Jinse)