News broke yesterday that an individual had been subpoenaed to appear before a grand jury in New York.

This particular convening of a grand jury is significant because it involves an investigation related to Herbalife.

As best as I can tell, the grand jury news was broken by the Hartford Courant. Before we get into the specifics of yesterday’s news though, let’s recap what we currently know.

Four days ago I ran an article discussing the revelation that
the FBI had now launched their own Herbalife investigation
.

The FBI and other federal authorities have interviewed people hired by activist investor Bill Ackman as part of a probe into potential manipulation of Herbalife stock.

The probe is looking into whether people, including some hired by Ackman, made false statements to regulators and others about Herbalife’s business model, the Journal reported.

The false statements were made to spur investigations into Herbalife and lower its stock price, according to the report, which cited people familiar with the matter.

As part of the probe,

Preet Bharara’s US Attorney’s Office in Manhattan have conducted interviews and sent out document requests.

At the time it was also reported that’
neither Ackman nor Pershing Square is under investigation
‘.

So to recap, we know the investigation has something to do with Herbalife… but without further clarification from either the FBI or the Manhattan US Attorney’s Offtice, we’re not exactly sure what.

Neither the Bharara’s Office or the FBI chose to comment on the investigation, so we don’t have anything more than that.

Enter the
Hartford Courant
, who yesterday wrote that Israel Alvarez had been subpoenaed to appear before a grand jury last month.

Who is Israel Alvarez?

One of the firms Bill Ackman hired to assist him in his campaign against Herbalife is Global Strategy Group.

The firm is registered to lobby in Connecticut for Ackman’s Pershing Square Capital Management fund.

As part of their engagement in Ackman’s campaign, Global Strategy Group hired a sub-contractor to put together a letter-writing initiative.

This initiative saw individuals mail letters critical of Herbalife to government regulators, with the aim of instigating a regulatory investigation into the company.

One of the government officials targeted was Connecticut Attorney General, George Jepsen.

About 30 letters or other complaints critical of Herbalife reached Jepsen, who made them public last week in response to a Freedom of Information request. Some are so similar that an investigator who has examined them suggested they are form letters.

One of the letters carries the signature of Israel Alvarez, a hair stylist and owner of Hair by Israel on Lewis Street in Hartford.

And it is this same Israel Alvarez who was subpoenaed last month.

Alvarez was subpoenaed late last month to appear before a federal grand jury in New York, according to a lawyer familiar with the matter.

Alvarez said he has been instructed by federal aut

🤖 Quick Answer

What is the Herbalife grand jury investigation about?
A grand jury in New York has been convened to investigate potential manipulation of Herbalife stock and false statements made to regulators. The investigation involves the FBI and federal authorities, who have interviewed individuals hired by activist investor Bill Ackman as part of the probe into alleged misconduct related to the company.

Who initiated the Herbalife investigation?
The FBI and other federal authorities initiated the investigation. The grand jury proceedings were first reported by the Hartford Courant, following revelations that the FBI had launched its own dedicated investigation into Herbalife's business practices and stock market activities.

What role did Bill Ackman play in the investigation?
Bill Ackman, an activist investor, hired individuals who became subjects of the federal investigation. The FBI and authorities interviewed these hired individuals regarding potential false statements to regulators and possible stock manipulation connected to

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