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Hindenburg Research Faces Allegations of Securities Fraud Linked to Anson Hedge Fund


Nate Anderson’s research firm, Hindenburg Research, is under scrutiny following allegations of securities fraud in connection with its collaboration with Anson Hedge Fund, according to court documents.
Anderson's partnership with Anson in preparing reports on companies may have violated U.S. Securities and Exchange Commission (SEC) regulations. Hindenburg’s critical reports on various companies have already had significant financial consequences.
The Canadian news portal Market Frauds revealed that court filings submitted to the Ontario Superior Court of Justice indicate that Moez Kassam, head of Anson Hedge Fund, admitted to sharing research with a variety of sources, including Anderson’s Hindenburg.
These documents suggest that Anderson and Anson worked together during the preparation of reports, which could lead to securities fraud charges if participation in the reports was not properly disclosed.
"From the email exchanges between Anderson and Anson Funds, we know for certain that Anderson was working for Anson, publishing what they instructed him to, from the price targets to the content of the reports. He frequently asked if they needed 'more'. Based on the dozens of communications we reviewed, Anderson had no editorial control and was instructed on what to publish," the portal claimed.
Market Frauds also provided screenshots of alleged email exchanges between Hindenburg and Anson, which they assert were obtained from the Ontario court documents, further supporting their allegations. "There are multiple counts of securities fraud involving both Anson Funds and Nate Anderson. We’ve only reviewed 5% of the material so far, but from what we’ve seen, it is almost certain that once the full exchange between Hindenburg and Anson reaches the SEC, Nate Anderson will face securities fraud charges in 2025," the report continued.
The allegations highlight concerns about short-selling practices, where hedge funds like Anson might place parallel bets on companies, potentially exerting downward pressure on stock prices after publishing negative reports. One of Hindenburg’s most notable reports, published in 2020, focused on Facedrive, a Canadian company that became publicly listed through a reverse merger.
The report criticized the company’s inflated valuation and the large payments to its promoters. Court documents suggest that Anson had communicated with Anderson about this report and was aware of its publication schedule. These legal developments are part of a broader, ongoing investigation by the U.S. Department of Justice and the SEC.
In June 2023, Anson Funds Management and Anson Advisors Inc. settled SEC allegations by paying USD 2.25 million without admitting wrongdoing for failing to disclose payments to external publishers of negative research. Hindenburg Research, which Anderson founded, previously stated that it receives "hundreds of leads each year" from various sources, including sector specialists, informants, and investors. The firm also claimed to have maintained full editorial independence over its reports.
In a recent announcement, Anderson revealed that he is closing Hindenburg Research, offering no specific reason for his decision but stating that he wanted to focus more on personal relationships. In his farewell message, Anderson said, "Nearly 100 individuals have been charged civilly or criminally by regulators, in part due to our work, including billionaires and oligarchs. We shook some empires that needed shaking."
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