Washington, June 2: A federal jury in Los Angeles has found prominent stock analyst Andrew Left, founder of Citron Research, guilty of orchestrating a years-long scheme that prosecutors said manipulated stock prices and generated at least $21 million in illicit profits by trading against the very recommendations he promoted to investors.

Left, 55, formerly of Beverly Hills and now a resident of Boca Raton, Florida, was convicted of one count of securities fraud scheme and 12 counts of securities fraud after a 15-day trial, according to the US Attorney’s Office for the Central District of California.

Left leveraged his reputation as a market commentator and frequent guest on major business television networks to influence stock prices while secretly positioning himself to profit from short-term market movements, federal prosecutors alleged.

“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.”

Patrick Grandy, Assistant Director in Charge of the FBI’s Los Angeles Field Office, said the case highlighted the damage caused by market manipulation.

“Frauds such as the one perpetrated by Left can erode investor confidence which impacts our capital markets,” Grandy said. “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.”

According to trial evidence presented in court, Left, operating under the online brand Citron Research, published investment commentary through a website and social media accounts, routinely issued opinions on publicly traded companies, often accompanied by target prices and representations of his own trading positions.

Federal prosecutors alleged that Left knew Citron’s market-moving influence and exploited it. Before publishing commentary, he allegedly built long or short positions in targeted companies, frequently using short-dated options contracts designed to benefit from immediate price swings after his reports were released.

The government said he often closed those positions shortly after publication, sometimes at prices that differed sharply from the longer-term targets he publicly promoted. Behind the scenes, prosecutors argued, he was taking positions opposite to the message he was delivering to investors.

One example presented at trial involved chipmaker Nvidia in November 2018. Prosecutors said Left encouraged a portfolio manager to develop a bullish investment thesis, accumulated positions in the company, and then publicly posted on Citron’s social media account: “Citron buys $NVDA. This is the first time in 2 years stock offers an appealing risk-reward to investors . . . We see $165 before we see $120.” Despite that public projection, prosecutors said he sold his positions less than two hours later, earning more than $960,000 in profit.

The jury acquitted Left on four securities fraud counts related to trades involving four specific companies. He is scheduled to be sentenced on August 31 before US District Judge Virginia A. Phillips. Prosecutors said he faces a statutory maximum sentence of 25 years in federal prison on the securities fraud scheme count and up to 20 years on each securities fraud count.

Citron Research became one of Wall Street’s best-known activist research firms over the past two decades, often publishing reports that challenged valuations of publicly traded companies. Left gained widespread visibility through frequent appearances on financial television networks and developed a substantial following among retail and institutional investors.

Doha, June 1: Qatar on Monday condemned the storming of Al-Aqsa Mosque by Israeli extremists, terming their actions “flagrant violation of international law and unacceptable provocation of the feelings of millions of Muslims around the world.”

It stated that Al-Aqsa Mosque is a place of worship of Muslims and all unilateral actions aimed at altering the historical and legal status quo in Jerusalem and its sanctities are null and void under international law.

“The State of Qatar condemns the storming of the blessed Al-Aqsa Mosque by Israeli extremists, along with the provocative actions carried out under the protection of the occupation forces, describing it as a flagrant violation of international law, an unacceptable provocation of the feelings of millions of Muslims around the world, and a dangerous attempt to impose a new reality in the occupied Jerusalem and its Islamic and Christian sanctities,” the Qatar’s Ministry of Foreign Affairs said in a statement.

“The Ministry of Foreign Affairs stresses that Al-Aqsa Mosque is an exclusively Muslim place of worship and that all unilateral measures aimed at altering the historical and legal status quo in Jerusalem and its sanctities are null and void under international law,” it added.

Qatar’s Ministry of Foreign Affairs warned that the continuation of such violations and repeated provocations could cause further violence and escalation in the region, undermining prospects for de-escalation and stability.

“The Ministry warns that the continuation of such violations and repeated provocations could fuel further violence and escalation in the region, undermining prospects for de-escalation and stability. It renews its call on the international community to act urgently and compel Israel, as the occupying power, to stop its ongoing violations against the Palestinian people and their holy sites and to comply with relevant international resolutions,” the statement said.

“The Ministry also reiterates the State of Qatar’s firm and supportive stance on the Palestinian cause and the steadfastness of the brotherly Palestinian people, based on ending the occupation and enabling the Palestinian people to attain their legitimate rights, foremost among them the establishment of an independent state on the 1967 borders with East Jerusalem as its capital,” it added.

Qatar’s statement comes after settlers raised Israeli flags on the steps leading to the Dome of the Rock and sang Israeli national anthem under police protection. The settlers the mosque from Al-Maghrabah Gate, which is fully controlled by Israeli authorities, Arab News reported.

Frequent clashes, including Israeli settler raids and restrictions on Muslim worshippers, have been witnessed in the Al-Aqsa Mosque since East Jerusalem was occupied in June 1967, Arab News reported. The mosque is administered by Jordan’s Ministry of Awqaf, which has the legal authority to manage the compound and control access. Jordan warned settlers against taking actions that aim to create a new reality that would temporally and spatially divide the landmark.

Jerusalem: The Israel Defense Forces (IDF) on Sunday said it had captured Beaufort Castle after entering the Beaufort Ridge and Wadi al-Saluki areas in southern Lebanon.

According to the IDF, the operation is focused on establishing operational control over the Beaufort Ridge and the Wadi al-Saluki area, as well as degrading Hezbollah’s capabilities in the region.

“Last night, our heroic fighters captured the Beaufort Castle. They proudly raised the flag of the State of Israel and the flag of the Golani Brigade there,” Israeli Prime Minister Benjamin Netanyahu said on Sunday.

“I remind you that 44 years ago, this place was a symbol of a heroic battle by our fighters, but it was also a symbol of deep division among us. Today, we returned to Beaufort differently. We returned united, determined and stronger than ever,” he added.

According to the IDF, Hezbollah directed military and combat activities from the Beaufort Ridge and carried out numerous attacks from the area.

Prime Minister Netanyahu also said he had instructed the IDF to expand its incursion into Lebanon.

“Our forces have crossed the Litani River. They took dominant terrain. They captured the Beaufort Ridge. And now my instruction is to deepen and expand our hold on places that were under Hezbollah’s control,” Netanyahu said.

He also described the capture of Beaufort as a dramatic stage and a significant shift in the policy being pursued by his government.

“We have broken the barrier of fear. We are taking the initiative, we are operating on all fronts — in Syria, in Gaza, in Lebanon; we have established security zones beyond our borders to protect our communities,” he added.

“I am with you. The entire nation of Israel is with you. It will take more time, but we will restore security to the residents of the North, just as we did for the residents of the South,” he told brigade commanders on Friday.