Boca Raton man accused in $16 million stock manipulation scheme

BOCA RATON, Fla. (CBS12) — A Boca Raton man has been accused of engaging in a long-running market manipulation scheme that allegedly led to profits of at least $16 million.

The U.S. Department of Justice (DOJ) stated that prominent activist short seller Andrew Left, 54, operating under the name “Citron Research,” made false representations about the value of publicly traded companies and manipulated stock prices to generate fast and easy profits.

According to officials, Left would comment on publicly traded companies, claiming that the market incorrectly valued their stock and making recommendations about buying or selling.

Left allegedly misrepresented his trading positions and target prices to create the false appearance that his economic incentives aligned with his public recommendations.