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.

New Delhi, June 2: The Special Cell of the Delhi Police busted a major terror module being run by the Dawood Ibrahim syndicate. The terror module was planning on carrying out attacks in Delhi and Mumbai, said the police following the arrests of the eight people. During the questioning of the accused, one interesting point that came up is that Clifton Road in Karachi continues to remain a safe house of notorious underworld don, Dawood Ibrahim.

The accused told the police that they mainly interacted with a key aide of Dawood Ibrahim Muddasar Hussain Sayyed, alias Munna Jhingada.

An official said that the very fact that the operation was being handled from Clifton Road area makes it clear that Dawood Ibrahim is residing out there.

This is his most well-known address and the ISI keeps him there are it is his safest bet.

Dawood has many other addresses in Pakistan, but for major operations, he operates from Karachi as this is the safest place for him to be in Pakistan.

The official said that Dawood has five addresses, all in Karachi. While the main one is at Clifton, near the Saudi Mosque in Karachi, the others are the Defence Housing Authority, the Noorbad area and the 617 CP Berar Society. In fact he has two addresses in Clifton itself, the official explained.

Another official said the probe into the busting of the recent module reveals that all Dawood’s close aides reside around him. The drug operations or terror modules being set up are all monitored from the Clifton area, near the Saudi Mosque in Karachi, the official further explained.

Post ‘Operation Sindoor’, there were reports about Dawood Ibrahim being shifted out. An Intelligence Bureau official said that he was moved around the five addresses briefly to avoid being hit by the Indian armed forces.

However, once the heat was down, he was back at his Clifton address, the official added.

Officials also say that the location is strategic and also safe. It is the ISI’s regional directorate in Karachi which oversees his protection.

Although the ISI’s national headquarter is based in Islamabad, Karachi houses a massive ISI Regional Directorate (Field Office).

The probe by the Delhi Police also revealed that several ISI officials were part of the planning. They would regularly meet with Jhingada and give him instructions on how to go about the attacks in India.

Investigators have found that the primary targets of the module were Delhi and Mumbai. They were planning on carrying out attacks in other cities depending on the success of the first wave of attacks, investigations have found.

Jhingada established the command centre near Dawood’s residence. This centre was being fully monitored by the ISI officials. They not only ensured that operations ran smoothly, but also heavily guarded the premises, an official said.

The accused persons said that Jhingada along with his associates monitored every aspect, right from recruitment to procurement of arms.

The Dawood Syndicate had earmarked Rs 20 lakh for the module after the successful completion of the project.

Officials say that they were not being treated as run of the mill terror operatives. This was more of a hit job that the ISI wanted to undertake and this explains why the agency wanted the underworld to be involved.

The probe further revealed that the ISI even ensured that the weapons reach India safely.

Jhingada, with the help of the ISI operatives, managed to drop off hand grenades in Gurdaspur Punjab.

The Delhi Police had seized a large cache of weapons and hand grenades during their operation. The idea was to hurl grenades at important locations, the probe found.

Such an operation is not only easy to execute, but it is also cost effective, an official said.

The accused persons had even asked about their exit plan once the attacks were executed. Jhingada assured them a safe passage into Nepal, following which they would be flown to Dubai.

Mumbai: The long-pending Harbour Line extension between Goregaon and Borivali has gained fresh momentum after Western Railway floated an Rs 86.51-crore tender for a key civil works package under the Mumbai Urban Transport Project (MUTP)-3A. The move is being seen as a significant step towards improving suburban rail connectivity in Mumbai’s western suburbs.

According to a media report citing details shared by Western Railway, the tender, invited on May 27, covers earthwork, construction of major and minor bridges, side drains, retaining structures and boundary walls required for the proposed Harbour Line extension corridor.

The overall project is estimated to cost around Rs 898 crore, including Rs 728 crore for civil engineering works, Rs 88 crore for electrical infrastructure and Rs 82 crore for signalling and telecommunication systems.

The proposed extension will connect Goregaon and Borivali, offering commuters an alternative suburban rail route and helping reduce congestion on the heavily crowded Western Railway corridor. The project is expected to strengthen east-west and north-south connectivity across Mumbai’s expanding suburban network.

Project documents indicate that two major bridges and sixteen minor bridges are planned along the alignment. Four engineering-scale plans are currently awaiting approvals, while designs for several bridge structures are under preparation.

However, land acquisition and rehabilitation continue to remain major hurdles. The project requires a total of 3,688 square metres of land, including 3,389 square metres of private land and 299 square metres of government land. Authorities have identified 520 project-affected persons (PAPs), of whom 178 have already been allotted rehabilitation units. Additionally, 141 families residing on private land are expected to be affected by the project.

Several challenges that need to be addressed before construction can gather pace. These include completion of land acquisition proceedings, rehabilitation of remaining project-affected families, removal of encroachments and utilities along nearly 46 per cent of the project alignment, and approval of pending bridge drawings and work packages.

Despite the obstacles, railway officials believe the fresh tender marks tangible progress for a project that has been awaiting implementation for years. Once completed, the Harbour Line extension is expected to provide direct connectivity between Mumbai’s western suburbs and the Harbour corridor, benefiting lakhs of daily commuters and easing pressure on existing suburban rail services.