Andrew Left Associate Choi Sued by SEC for Trading on Tweets

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Andrew Left Associate Choi Sued by SEC for Trading on Tweets

Bloomberg10-23

(Bloomberg) -- One of Andrew Left’s closest associates was sued by the US Securities and Exchange Commission for allegedly helping the famed short seller prepare misleading tweets and research reports...

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romanc9
·10-24
The governing bodies should just stop shortist to a day or 2 to buy back their positions so that the market can't keep giving false information to short for long term to bankrupt good companies.. Same like what they did to buyers to settle the buying to T+1 and settle the position..
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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Andrew Left Associate Choi Sued by SEC for Trading on Tweets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAndrew Left Associate Choi Sued by SEC for Trading on Tweets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-23 03:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/andrew-left-associate-choi-sued-184814565.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- One of Andrew Left’s closest associates was sued by the US Securities and Exchange Commission for allegedly helping the famed short seller prepare misleading tweets and research reports...</p>\n\n<a href=\"https://finance.yahoo.com/news/andrew-left-associate-choi-sued-184814565.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4157","symbol_name":"电子设备和仪器","start_time":0,"source_url":"https://finance.yahoo.com/news/andrew-left-associate-choi-sued-184814565.html","article_id":"2477036003","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/Ojukg98YtMhkki71hbp7kA--~B/aD0xNTAwO3c9MjAwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/bloomberg_markets_842/c4350fdcd3c8e64122b3b4c0dbd3a467"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477036003","pubTimestamp":1729626728,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":" -- One of Andrew Left’s closest associates was sued by the US Securities and Exchange Commission for allegedly helping the famed short seller prepare misleading tweets and research reports that moved stocks.Ryan Choi, a 35-year-old Beverly Hills, California, resident, made $1.6 million in illegal profit from 2018 to 2020 by trading around Left’s tweets, according to SEC. The regulator said in a lawsuit Tuesday that the companies targeted by Citron Research included technology firms Vuzix Corp. and XL Fleet Corp.While Choi lacked Left’s fame in the short selling industry, he helped Left found Citron Capital in 2018 and was well aware that Left’s tweets and reports could move stock, including VUZI and XL, within minutes of being published, the SEC said.The SEC says that on Dec. 18, 2020, Choi purchased VUZI call options that would allow him to profit if the stock went up. 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The regulator said in a lawsuit Tuesday that the companies targeted by Citron Research included technology firms Vuzix Corp. and XL Fleet Corp. \nWhile Choi lacked Left’s fame in the short selling industry, he helped Left found Citron Capital in 2018 and was well aware that Left’s tweets and reports could move stock, including VUZI and XL, within minutes of being published, the SEC said.\n“Choi failed to act reasonably by not conducting adequate research or due diligence on VUZI and XL, which Left used to issue recommendations on those stocks,” the SEC said in the complaint. “Choi also traded around these Citron Research tweets, which were used as catalysts to derive short-term profits.”\nA lawyer for Choi didn’t immediately return a call and email seeking comment. The SEC didn’t also didn’t return an email seeking comment.\nThe suit follows an existing SEC case against Left, who has also been criminally charged by the US Justice Department for allegedly making millions of dollars by intentionally trying to move stock with his public recommendations and profit with his private trades. At the center of the case is the government’s claim that Left repeatedly misled the public by failing to make public his own trading intentions around his tweets and reports.\n“The allegations against Mr. Choi do not pass the smell test,” Left’s lawyer, James Spertus, said in a statement, adding that the SEC’s theory of market manipulation “is defective on its face.”\nLeft has pleaded not guilty in the criminal case and has moved to dismiss the civil SEC suit. He argues the authorities are attempting to enforce a rule that doesn’t exist, and that short sellers should not be required to reveal their own trading plans. \nSpertus also says the SEC and Justice Department are distorting Left’s record of accurately predicting problems with companies.\n‘Half-Truths’\n“The SEC has built a false narrative on half-truths, skipping over key facts they know about, such as the fact that 80% of Mr. Left’s target price opinions proved correct, and that all of his publications contain disclosures that he is actively trading the securities he published about,” Spertus said.\nWhile Left had ultimate authority over Citron’s operations, including directing trading and investment decisions, Choi handled daily business tasks, including the formation of the firm and its policies and procedures, the SEC said on Tuesday.\nThe SEC says that on Dec. 18, 2020, Choi purchased VUZI call options that would allow him to profit if the stock went up. Less than an hour later, Left posted a tweet saying “NO WAY” he would short the company, which he called a “flyer,” even though Left allegedly knew Choi had not conducted adequate due diligence or research, the SEC said in the complaint.\n“Choi began to sell his VUZI call options the same minute as the tweet’s publication, profiting from the price increase,” the SEC said. “Choi had completely exited his VUZI position within seven minutes of the tweet.”\n--With assistance from Tom Schoenberg.\n(Updates with detail on alleged trading activity.)\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":363482446639344,"gmtCreate":1729783446462,"gmtModify":1729783450773,"author":{"id":"4102495020619380","authorId":"4102495020619380","name":"romanc9","avatar":"https://static.tigerbbs.com/76bfe37245defa055adfff7453f1520f","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1,"idStr":"4102495020619380","authorIdStr":"4102495020619380"},"htmlText":"The governing bodies should just stop shortist to a day or 2 to buy back their positions so that the market can't keep giving false information to short for long term to bankrupt&nbsp; good companies.. Same like what they did to buyers to settle the buying to T+1 and settle the position..&nbsp;","listText":"The governing bodies should just stop shortist to a day or 2 to buy back their positions so that the market can't keep giving false information to short for long term to bankrupt&nbsp; good companies.. Same like what they did to buyers to settle the buying to T+1 and settle the position..&nbsp;","text":"The governing bodies should just stop shortist to a day or 2 to buy back their positions so that the market can't keep giving false information to short for long term to bankrupt good companies.. Same like what they did to buyers to settle the buying to T+1 and settle the position..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/363482446639344","repostId":2477036003,"repostType":2,"repost":{"id":"2477036003","pubTimestamp":1729626728,"share":"https://ttm.financial/m/news/2477036003?lang=&edition=fundamental","pubTime":"2024-10-23 03:52","market":"us","language":"en","title":"Andrew Left Associate Choi Sued by SEC for Trading on Tweets","url":"https://stock-news.laohu8.com/highlight/detail?id=2477036003","media":"Bloomberg","summary":" -- One of Andrew Left’s closest associates was sued by the US Securities and Exchange Commission for allegedly helping the famed short seller prepare misleading tweets and research reports that moved stocks.Ryan Choi, a 35-year-old Beverly Hills, California, resident, made $1.6 million in illegal profit from 2018 to 2020 by trading around Left’s tweets, according to SEC. The regulator said in a lawsuit Tuesday that the companies targeted by Citron Research included technology firms Vuzix Corp. and XL Fleet Corp.While Choi lacked Left’s fame in the short selling industry, he helped Left found Citron Capital in 2018 and was well aware that Left’s tweets and reports could move stock, including VUZI and XL, within minutes of being published, the SEC said.The SEC says that on Dec. 18, 2020, Choi purchased VUZI call options that would allow him to profit if the stock went up. Less than an hour later, Left posted a tweet saying “NO WAY” he would short the c","content":"<html><body><p>(Bloomberg) -- One of Andrew Left’s closest associates was sued by the US Securities and Exchange Commission for allegedly helping the famed short seller prepare misleading tweets and research reports that moved stocks.</p>\n<p>Ryan Choi, a 35-year-old Beverly Hills, California, resident, made $1.6 million in illegal profit from 2018 to 2020 by trading around Left’s tweets, according to SEC. The regulator said in a lawsuit Tuesday that the companies targeted by Citron Research included technology firms <a href=\"https://laohu8.com/S/VUZI\">Vuzix</a> Corp. and XL Fleet Corp. </p>\n<p>While Choi lacked Left’s fame in the short selling industry, he helped Left found Citron Capital in 2018 and was well aware that Left’s tweets and reports could move stock, including VUZI and XL, within minutes of being published, the SEC said.</p>\n<p>“Choi failed to act reasonably by not conducting adequate research or due diligence on VUZI and XL, which Left used to issue recommendations on those stocks,” the SEC said in the complaint. “Choi also traded around these Citron Research tweets, which were used as catalysts to derive short-term profits.”</p>\n<p>A lawyer for Choi didn’t immediately return a call and email seeking comment. The SEC didn’t also didn’t return an email seeking comment.</p>\n<p>The suit follows an existing SEC case against Left, who has also been criminally charged by the US Justice Department for allegedly making millions of dollars by intentionally trying to move stock with his public recommendations and profit with his private trades. At the center of the case is the government’s claim that Left repeatedly misled the public by failing to make public his own trading intentions around his tweets and reports.</p>\n<p>“The allegations against Mr. Choi do not pass the smell test,” Left’s lawyer, James Spertus, said in a statement, adding that the SEC’s theory of market manipulation “is defective on its face.”</p>\n<p>Left has pleaded not guilty in the criminal case and has moved to dismiss the civil SEC suit. He argues the authorities are attempting to enforce a rule that doesn’t exist, and that short sellers should not be required to reveal their own trading plans. </p>\n<p>Spertus also says the SEC and Justice Department are distorting Left’s record of accurately predicting problems with companies.</p>\n<p>‘Half-Truths’</p>\n<p>“The SEC has built a false narrative on half-truths, skipping over key facts they know about, such as the fact that 80% of Mr. Left’s target price opinions proved correct, and that all of his publications contain disclosures that he is actively trading the securities he published about,” Spertus said.</p>\n<p>While Left had ultimate authority over Citron’s operations, including directing trading and investment decisions, Choi handled daily business tasks, including the formation of the firm and its policies and procedures, the SEC said on Tuesday.</p>\n<p>The SEC says that on Dec. 18, 2020, Choi purchased VUZI call options that would allow him to profit if the stock went up. Less than an hour later, Left posted a tweet saying “NO WAY” he would short the company, which he called a “flyer,” even though Left allegedly knew Choi had not conducted adequate due diligence or research, the SEC said in the complaint.</p>\n<p>“Choi began to sell his VUZI call options the same minute as the tweet’s publication, profiting from the price increase,” the SEC said. “Choi had completely exited his VUZI position within seven minutes of the tweet.”</p>\n<p>--With assistance from Tom Schoenberg.</p>\n<p>(Updates with detail on alleged trading activity.)</p>\n<p>©2024 Bloomberg L.P.</p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Andrew Left Associate Choi Sued by SEC for Trading on Tweets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAndrew Left Associate Choi Sued by SEC for Trading on Tweets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-23 03:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/andrew-left-associate-choi-sued-184814565.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- One of Andrew Left’s closest associates was sued by the US Securities and Exchange Commission for allegedly helping the famed short seller prepare misleading tweets and research reports...</p>\n\n<a href=\"https://finance.yahoo.com/news/andrew-left-associate-choi-sued-184814565.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://s.yimg.com/uu/api/res/1.2/Ojukg98YtMhkki71hbp7kA--~B/aD0xNTAwO3c9MjAwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/bloomberg_markets_842/c4350fdcd3c8e64122b3b4c0dbd3a467","relate_stocks":{"BK4157":"电子设备和仪器","VUZI":"Vuzix","BK4554":"元宇宙及AR概念","BK4078":"消费电子产品"},"source_url":"https://finance.yahoo.com/news/andrew-left-associate-choi-sued-184814565.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2477036003","content_text":"(Bloomberg) -- One of Andrew Left’s closest associates was sued by the US Securities and Exchange Commission for allegedly helping the famed short seller prepare misleading tweets and research reports that moved stocks.\nRyan Choi, a 35-year-old Beverly Hills, California, resident, made $1.6 million in illegal profit from 2018 to 2020 by trading around Left’s tweets, according to SEC. The regulator said in a lawsuit Tuesday that the companies targeted by Citron Research included technology firms Vuzix Corp. and XL Fleet Corp. \nWhile Choi lacked Left’s fame in the short selling industry, he helped Left found Citron Capital in 2018 and was well aware that Left’s tweets and reports could move stock, including VUZI and XL, within minutes of being published, the SEC said.\n“Choi failed to act reasonably by not conducting adequate research or due diligence on VUZI and XL, which Left used to issue recommendations on those stocks,” the SEC said in the complaint. “Choi also traded around these Citron Research tweets, which were used as catalysts to derive short-term profits.”\nA lawyer for Choi didn’t immediately return a call and email seeking comment. The SEC didn’t also didn’t return an email seeking comment.\nThe suit follows an existing SEC case against Left, who has also been criminally charged by the US Justice Department for allegedly making millions of dollars by intentionally trying to move stock with his public recommendations and profit with his private trades. At the center of the case is the government’s claim that Left repeatedly misled the public by failing to make public his own trading intentions around his tweets and reports.\n“The allegations against Mr. Choi do not pass the smell test,” Left’s lawyer, James Spertus, said in a statement, adding that the SEC’s theory of market manipulation “is defective on its face.”\nLeft has pleaded not guilty in the criminal case and has moved to dismiss the civil SEC suit. He argues the authorities are attempting to enforce a rule that doesn’t exist, and that short sellers should not be required to reveal their own trading plans. \nSpertus also says the SEC and Justice Department are distorting Left’s record of accurately predicting problems with companies.\n‘Half-Truths’\n“The SEC has built a false narrative on half-truths, skipping over key facts they know about, such as the fact that 80% of Mr. Left’s target price opinions proved correct, and that all of his publications contain disclosures that he is actively trading the securities he published about,” Spertus said.\nWhile Left had ultimate authority over Citron’s operations, including directing trading and investment decisions, Choi handled daily business tasks, including the formation of the firm and its policies and procedures, the SEC said on Tuesday.\nThe SEC says that on Dec. 18, 2020, Choi purchased VUZI call options that would allow him to profit if the stock went up. Less than an hour later, Left posted a tweet saying “NO WAY” he would short the company, which he called a “flyer,” even though Left allegedly knew Choi had not conducted adequate due diligence or research, the SEC said in the complaint.\n“Choi began to sell his VUZI call options the same minute as the tweet’s publication, profiting from the price increase,” the SEC said. “Choi had completely exited his VUZI position within seven minutes of the tweet.”\n--With assistance from Tom Schoenberg.\n(Updates with detail on alleged trading activity.)\n©2024 Bloomberg L.P.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}