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

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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

Trump ties Iran sanctions relief to US farm purchases

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Washington, June 23: US President Donald Trump said any sanctions relief granted to Iran would be tied to purchases of American agricultural products, while insisting that Tehran would never be allowed to acquire a nuclear weapon under an emerging agreement being negotiated between the two countries.

Speaking at the White House after signing executive orders on quantum technology, Trump offered his most detailed public comments yet on the state of ongoing negotiations with Iran, describing the talks as productive and saying shipping through the Strait of Hormuz had returned to normal levels.

“We have an open strait and we have a country that will never have a nuclear weapon, will never, ever have a nuclear weapon,” Trump said.

The remarks came as Vice President JD Vance and a US delegation continued negotiations with Iranian officials in Switzerland, where discussions have focused on the future of Iran’s nuclear programme, maritime security in the Strait of Hormuz and regional deconfliction mechanisms.

Trump said the administration was considering sanctions relief, but indicated that any unfrozen funds would be channelled towards food purchases from the United States.

“One of the things that we are doing also, and it came up last night, is money that’s being unfrozen is going to be used to buy food,” he said. “And the food’s going to be bought exclusively through the United States from our farmers.”

He added: “Corn, soybeans, all of the things they need are going to be bought from our farmers.”

Asked whether easing sanctions could allow Iran to rebuild its military capabilities, Trump said the understanding was that the money would be used for humanitarian purposes.

“They’re supposed to use money to buy food for their people, because right now their people are very hungry,” he said.

The President also expressed confidence that the negotiations were moving in the right direction.

“We’re doing very well in terms of negotiating a fair and reasonable deal,” he said.

While declining to discuss specific enforcement mechanisms, Trump warned that the United States would respond if Iran failed to comply with any agreement.

“If Iran doesn’t live up to their agreement or if they’re not behaving, I will do what I have to do,” he said.

Trump rejected suggestions that Tehran had gained leverage in the negotiations and argued that recent military operations had significantly weakened Iran’s capabilities.

“Their navy is gone. Their air force is gone. Their leaders are all dead. Their whole country is a mess. Their economy is shot,” he said.

He also praised Vance’s role in the talks.

“I think that they’re doing a fantastic job,” Trump said. “I watched his news conference from Switzerland. He’s a very smart guy. He did a great job.”

The President further claimed that energy shipments through the Strait of Hormuz had rebounded strongly following recent tensions.

“We took in more oil yesterday than has ever gone through the strait,” he said. “The strait is totally open.”

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International News

US judge blocks Trump administration’s database of Americans’ private information

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Washington, June 23: A US federal judge struck down a Trump administration database containing US citizens’ private information, ruling it unlawful after several states used it to mistakenly purge eligible citizens from voter rolls.

“The federal government has knowingly trampled on the privacy rights of American citizens in a manner that threatens the sacred right to vote. This Court cannot stand idly by while that happens,” Judge Sparkle Sooknanan from the US District Court for the District of Columbia wrote in a ruling, Xinhua news agency reported.

Federal agencies were scrambling to comply with an executive order aimed at reshaping federal elections, so they “haphazardly combined and repurposed the private information of millions of Americans, including citizenship data that they knew to be unreliable,” Sooknanan said.

“Since then, states have partnered with the federal government to access the database and are actively removing United States citizens from voter rolls based on inaccurate information,” she continued.

“This case implicates two fundamental rights that protect Americans from government overreach: the right to privacy and the right to vote,” according to the US district judge.

The latest ruling was in response to a lawsuit filed in September by a coalition of voting-rights and privacy advocates, led by the League of Women Voters, challenging changes to the Systematic Alien Verification for Entitlements system, a system maintained by the US Department of Homeland Security (DHS) to verify citizenship and immigration status.

In March 2025, Trump signed a sweeping executive order to overhaul US elections that would require documentary proof of citizenship to register to vote in federal elections, claiming that the United States has not adequately enforced federal election requirements.

Executive Order 14248 instructed certain federal agencies, including the DHS and the Social Security Administration, to put systems in place for state and local authorities to verify the citizenship or immigration status of registered voters or individuals registering to vote, according to the ruling.

In a statement Monday, the League of Women Voters said that “a Trump-Vance administration attempt to unlawfully meddle in elections was struck down today, as a federal judge ordered the administration to end and disentangle a massive government database.”

The database “consolidates millions of Americans’ sensitive and legally protected personal information, leaving them vulnerable to baseless investigations and being unlawfully purged from voter rolls,” the statement said.

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54 injured, 18 missing after explosion at Qatar’s Ras Laffan gas facility

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Doha, June 22: An explosion ripped through Qatar’s key natural gas export infrastructure injuring at least 54 people while 18 others remain missing, according to official reports.

The blast occurred in the Ras Laffan industrial area on Sunday night, one of the world’s most important energy hubs, during ongoing efforts to resume operations at the facility following earlier disruptions linked to regional conflict.

The incident triggered a major fire at the Barzan gas supply facility, prompting emergency response teams to rush to the site.

State energy giant QatarEnergy confirmed the incident, saying operations were underway to restart parts of the export terminal when the explosion took place. On Sunday night, that work sparked an explosion and fire at the Barzan gas supply facility, according to the company.

The scale of damage remains unclear, but Qatar’s Interior Ministry later confirmed significantly higher casualty figures than initially reported. Authorities said at least 54 people were injured in the explosion, while search operations were ongoing for 18 missing workers hours after the incident.

The Barzan facility is a major component of Qatar’s gas infrastructure, with a production capacity of nearly 1.4 billion standard cubic feet of sales gas per day. The output is primarily used for domestic electricity generation and to power desalination plants that supply water across the arid Gulf state.

Officials said the explosion came as technical teams were attempting to restore operations following earlier disruptions in the region. The Ras Laffan complex had previously been affected during the recent conflict, including reported missile strikes that caused damage and forced partial shutdowns of operations.

The facility is jointly operated by QatarEnergy and international partners, including a minority stake held by energy major ExxonMobil, which has not yet issued a detailed public response.

Ras Laffan has long been considered a strategic backbone of global liquefied natural gas supply, and any prolonged disruption could have implications for international energy markets, particularly in Asia and Europe, which rely heavily on Qatari exports.

Authorities have launched an investigation into the cause of the explosion, while emergency and security teams continue search-and-rescue operations at the site. Officials have not yet confirmed whether the blast was accidental or linked to external factors.

The incident follows a period of heightened instability in the region, with previous attacks on energy infrastructure raising concerns about the vulnerability of critical Gulf energy facilities amid broader geopolitical tensions.

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