Citron Research founder Andrew Left has been accused of securities fraud

ChainCatcher news, according to Cointelegraph, Andrew Left, the founder of financial research firm Citron Research, has been charged with securities fraud, allegedly misleading retail investors to profit $16 million through "bait and switch" stock recommendations.

The U.S. Securities and Exchange Commission charged on July 26 that Left is a strong cryptocurrency skeptic who used social media and television appearances to promote stocks in which he held short or long positions. This created a false impression, and in many cases, his actions were exactly the opposite.

The regulator added, "This fraudulent conduct deceived investors and allowed Left to use his Citron Research reports and tweets as catalysts to reap short-term profits."

It is reported that in February, after the cryptocurrency exchange temporarily halted on February 28, Left's Citron called for shorting Coinbase stock.