A court case in Ontario, Canada last month uncovered significant evidence against the U.S.-based Hindenburg Research, a short-seller firm, and its founder Nathan Anderson. The evidence reportedly reveals Hindenburg’s hidden connections and suggests potential wrongdoing, including securities fraud and inaccurate disclosures made by the firm and its founder.
According to Market Frauds, a Canadian online investigative news outlet, a review of documents has uncovered numerous allegations of securities fraud against Nate Anderson and Anson Funds. “There are multiple counts of securities fraud for both Nate Anderson and Anson Funds, and we have only reviewed 5 percent of the material as of the time of writing,” the report stated.
“It is almost certain that when the entire exchange between Hindenburg and Anson reaches the SEC, Nate Anderson will be charged with securities fraud in 2025,” the report states. The sudden shutdown of Hindenburg Research has raised eyebrows, especially given its unexpected timing, coinciding with a significant event.
In November 2024, Bloomberg’s Crack Research team released a comprehensive report, shedding light on the hidden connections between various short-sellers and research firms, including Hindenburg. This report marked the beginning of a series exposing these covert forces.
The report focused on firms such as Hindenburg Research and Anson Funds, a Canada-based fund operated by Moez Kassam. When questioned about its relationship with Anson, Hindenburg denied any connection, stating to Bloomberg that “We receive hundreds of leads each year from diverse sources. We rigorously vet each lead and have always maintained full editorial independence over our work.”
Contrary to Nathan Anderson’s public denial of a partnership with Anson, leaked emails suggest a different story. Emails exchanged between Hindenburg and Sanjeev Puri of Anson in 2019 reveal that Anson took the lead in editing a trade, with Hindenburg having minimal to no editorial control. However, it remains unclear whether there were any financial arrangements between the two parties.
Hindenburg Research catapulted to international fame after releasing explosive reports that targeted Indian business magnate Gautam Adani, causing a staggering loss of billions of dollars in the market value of Adani Group stocks. The firm’s sustained investigative efforts focused on the Adani Group throughout 2023 yielded substantial financial consequences for the corporation. Notably, a report by ET revealed that the Hindenburg report, published in January 2023, triggered a staggering $150 billion drop in Adani Group’s share prices.
According to sources, the Adani Group, despite not taking legal action against Hindenburg, launched discreet investigations in collaboration with foreign intelligence partners in 2023 to counter opposition forces. This move came after Hindenburg published its report on the Adani Group in January 2023, resulting in a staggering market valuation loss exceeding $150 billion.
The involvement of Anson in the attacks on the Adani Group is unclear. Some reports even suggest that the firm’s backers may have ties to organized crime.
A connection exists between Anson’s founder, Moez Kassam, and Mahua Moitra, who initiated the attacks on the Adani Group in the Lok Sabha after the Hindenburg report. Moitra and Marissa Siegal Kassam, Moez’s wife, were colleagues at JP Morgan, where Moitra worked for nearly 12 years.
According to Nathan Anderson, the founder of Hindenburg Research, the firm’s closure was a deliberate and pre-planned move, marking the culmination of their investigative endeavors. Anderson issued a personal statement, detailing the firm’s achievements and the rationale behind their decision to bring operations to a close. Anderson clarified that the decision to shut down the company was not due to legal or personal threats, but due to workload. “As to why I retired, is all in the letter. It is not based on any threat, health issue, personal issue, or otherwise,” he said.
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