Founder of Hindenburg Research, Nathan Anderson, under investigation for securities fraud
Hindenburg Research, under the leadership of its founder, Nathan Anderson, has found itself embroiled in a contentious situation marked by mounting accusations of securities fraud and deceptive disclosures, causing ripples across the financial sphere. The unfolding scenario has been exacerbated by a legal battle in Ontario, Canada, which has raised concerns about potential securities fraud and misleading disclosures made by Hindenburg Research and its chief.
An investigation into the matter has unearthed potential undisclosed affiliations between Hindenburg and other research entities, such as Anson Funds, a Canadian-based fund managed by Moez Kassam of Indian descent. These undisclosed ties may have compromised the editorial independence of Hindenburg and potentially led to unwarranted attacks on major corporations like the Adani Group.
A report by Marketfrauds, a Canadian investigative outlet, has shed light on multiple instances of securities fraud involving Nathan Anderson and Anson Funds. The report indicates that criminal charges related to securities fraud may be brought against Anderson in 2025. The sudden decision by Hindenburg to cease operations just three days before Donald Trump’s inauguration has raised eyebrows and triggered speculation regarding the company’s motives and clandestine undertakings.
The controversy escalated with the release of investigative reports by Bloomberg’s Crack Research team in November 2024. These reports detailed undisclosed collaborations among various short-sellers, including Hindenburg Research. The focus was particularly on Hindenburg’s connections with Anson Funds, which operates out of Canada under Moez Kassam.
Despite public denials of any association with Anson by Hindenburg, leaked emails between the two parties from 2019 suggest a different narrative. The exchange of emails indicates that Anson took the lead on editorial matters, potentially diminishing Hindenburg’s editorial control. The Adani Group, the subject of Hindenburg’s critical reports, has refrained from legal action against the short-seller and is reportedly conducting its own covert investigations alongside foreign intelligence allies to counter negative narratives.
While the precise involvement of Anson Funds in the scrutiny of the Adani Group remains unclear, there have been suggestions of potential ties to organized crime, further complicating the situation. Intriguingly, the professional connection between Marissa Siegal Kassam, spouse of Anson’s founder, and Mahua Moitra, a vocal critic of the Adani Group, has raised questions about the motivations behind these financial maneuvers. The intricacies of this complex web of alliances and allegations continue to unfold, casting a shadow over the credibility and practices of entities like Hindenburg Research and Anson Funds.
