Former Beverly Hills Resident Convicted Of Fraud

BEVERLY HILLS—On June 2, the U.S. Department of Justice (DOJ) announced the conviction of Andrew Left, 55, formerly of Beverly Hills. He is the founder of Citron Research and was found guilty by a federal jury in Los Angeles on 12 counts of security fraud. Left ran a $21 million market manipulation scheme from 2018-2023. He is charged securities fraud and one count of operating a securities fraud scheme. Left now resides in Boca Raton, Florida. “Andrew Left used his expertise to profit at the expense of retail investors, ordinary people who owned the stocks he targeted. He callously boasted that it was like ‘taking candy from a baby,’” stated the DOJ’s Assistant Attorney General A. Tysen Duva. “Left used his TV appearances to disguise his intentions, manipulate the stock market, and pad his pockets,” said First Assistant United States Attorney Bill Essayli. A fair and transparent securities market is a foundation of our nation’s financial system. We will continue to bring to justice individuals who abuse the public trust placed in financial advisors.” “Frauds such as the one perpetrated by Left can erode investor confidence which impacts our capital markets” said Patrick Grandy, Assistant Director in Charge of the FBI Los Angeles Field Office. “While this conviction cannot make up for the significant and emotional harm he inflicted upon his unwitting investors, it does send a message to those who may be looking to profit from similar schemes – think twice because the FBI has a proven track record of rooting out fraudsters who illegally tilt the playing field against honest investors and undermine confidence in our markets.” “Andrew Left abused his position and influence when he devised a scheme known as ‘Short-and-Distort,’ to manipulate the market for personal gain. Now he’s facing the consequences. Postal inspectors and our federal counterparts continue to partner to ensure spreading misleading or false material to the investing public has only one result: jail time,” stated Eric Shen of the U.S. Postal Inspections Service. Left’s sentencing is scheduled for August 31, and he faces a maximum penalty of 25 years of prison time. The USPIS and the FBI are investigating this case. By Sharon