Connect with us
Wednesday,26-August-2026
Breaking News

International News

US: Federal jury convicts Andrew Left over $21 million stock fraud

Published

on

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.

International News

Flash flood hits Nepal-China border; four Nepali police personnel missing

Published

on

Kathmandu, Aug 26: A sudden flash flood swept through the Bhote Koshi River on Wednesday morning, causing widespread damage in the Nepal-China border region.

Four personnel of Nepal’s Armed Police Force (APF) deployed at a border outpost in northern Rasuwa have gone missing due to the sudden flooding.

APF spokesperson Deputy Inspector General Netra Bahadur Karki said the four personnel have been out of contact since the flood struck the area near the Nepal-China border.

“The border post itself has not been damaged,” Karki said, adding that authorities have yet to determine whether the missing personnel were affected by the flood.

Additionally, unconfirmed reports in local media say 14 Rasuwa customs office staff are also out of contact.

The sudden rise in the Bhote Koshi River, believed to have originated in the Tibet region, began at around 9 a.m. and caused significant damage to infrastructure in Rasuwa. Roads, hydropower facilities, electricity transmission lines and substations have reportedly been affected, officials said.

The Timure market area, Timure Customs Office and parts of Syabrubesi near the Nepal-China border are among the areas reported to have suffered major damage.

The Nepal Electricity Authority said that the floods have damaged various power infrastructure, including the Rasuwagadhi, Chilime, Trishuli-3A and Trishuli-3B power projects, the 220 kV Trishuli-3B Hub substation, as well as the Trishuli and Devighat hydropower plants and several distribution structures.

Following the damage to the electricity infrastructure, power supply has been disrupted in the affected areas. The authority said that all necessary efforts are underway to restore electricity supply as soon as possible.

The officials have urged consumers to remain patient until power supply is restored and requested all concerned parties to help disseminate information related to the electricity supply.

According to Nepal’s Independent Power Producers’ Association, preliminary details indicate that 15 hydropower projects, both operational and under construction, have been affected by the flood. Of these, 10 are operational, and five are under construction.

Officials have warned that the floodwaters could pose a serious threat to downstream communities as the Bhote Koshi flows into the Trishuli River and moves toward Nuwakot and other central Nepal districts.

Hydrological experts have raised the possibility that the flooding occurred due to a Glacial Lake Outburst Flood (GLOF) in Tibet rather than heavy rainfall in Nepal.

The Department of Hydrology and Meteorology and local authorities, in coordination with Chinese counterparts, are studying satellite information to establish the exact source of the sudden surge.

High-alert warnings have been issued for settlements along riverbanks in Rasuwa, Nuwakot, Dhading, Gorkha and Chitwan districts that face flood risks.

Residents living in low-lying areas and along riverbanks have been advised to move to safer, elevated locations immediately. Authorities have also urged people to avoid unnecessary travel along the Prithvi Highway and other riverside routes as rescue and emergency teams remain on standby.

District-level disaster management authorities are coordinating rescue operations and mobilising emergency resources in the affected areas.

Continue Reading

Business

Piyush Goyal pitches for India growth opportunities to Japanese firms, financial majors

Published

on

Tokyo, Aug 26: Union Commerce and Industry Minister Piyush Goyal on Wednesday said that he highlighted India’s growing investment and business opportunities across trade, mobility, industrial, banking and insurance sectors during discussions with top Japanese business and financial leaders.

On the third day of his Japan visit, Goyal met senior executives from Toyota Tsusho Corporation, Sumitomo Mitsui Banking Corporation (SMBC) Group, Mitsubishi UFJ Financial Group (MUFG) and Nippon Life Insurance, according to posts by the minister on X.

In his meeting with Toshimitsu Imai, President and CEO of Toyota Tsusho Corporation, Goyal discussed opportunities for the company to deepen its engagement in India across trade, mobility and industrial sectors.

The discussions focused on leveraging India’s cost competitiveness and strengthening the country’s role as a global export hub, particularly for emerging markets, Goyal said.

In addition, the minister met with Yoshihiro Hyakutome, Deputy President Executive Officer at SMBC Group and discussed opportunities to deepen India-Japan financial ties, including greater investment and cooperation in the banking sector.

Goyal also discussed with Yasushi Itagaki, Deputy Chairman of MUFG, along with other senior officials, strengthening India-Japan cooperation in banking, commercial finance and investment.

“India’s dynamic financial sector continues to offer significant scope for deeper partnerships with Japan’s leading financial institutions,” the minister said on X.

Additionally, in his meeting with Minoru Kimura, Managing Executive Officer and Head of Global Business at Nippon Life Insurance, the minister discussed opportunities for greater India-Japan cooperation in insurance and financial services.

Goyal said India’s expanding insurance market presents significant potential for greater collaboration.

The discussions with the Japanese companies come as India seeks to deepen economic and investment ties with Japan and attract greater participation from the firms and financial institutions across key sectors for Indian economy.

Continue Reading

International News

15 newborns killed in massive fire at Islamabad hospital

Published

on

Islamabad, Aug 26: In a major tragedy, at least 15 newborn babies died after a massive fire broke out in the gynaecology ward of the Pakistan Institute of Medical Sciences (PIMS) in Islamabad, local media reported on Wednesday, quoting officials familiar with the tragic incident.

According to officials of the Pakistan Institute of Medical Sciences, the nursery had 16 newborns at the time the fire broke out. Of the 16 infants, only one could be rescued from the affected area in time, while the remaining babies died in the blaze.

Rescue sources said the fire erupted at around 6:45 a.m. inside the nursery after an air-conditioner compressor reportedly exploded, according to leading Pakistani media outlet Geo TV.

Rescue officials said that the fire was brought under control after firefighting teams reached the hospital and began operations. Teams continued cooling operations at the site after extinguishing the blaze to prevent any possibility of the fire reigniting.

According to the district administration, 14 babies were completely burnt in the fire that broke out on the third floor of the Mother and Child Health (MCH) ward. The administration said rescue personnel responded immediately after receiving information about the incident.

Six fire brigade vehicles and four ambulances were deployed as part of the emergency response, the district administration said.

The incident has raised serious questions about safety arrangements at the hospital, particularly in a ward housing vulnerable newborn children.

The district administration has constituted an enquiry committee headed by the additional deputy commissioner to investigate the circumstances surrounding the fire.

Officials said the enquiry will establish the circumstances that led to the deaths of the newborns and examine the response to the emergency. Further details regarding the incident and the findings of the enquiry committee are awaited.

Continue Reading

Trending