At least one person tied to an investigation into potential manipulation of Herbalife stock has been called to appear before a grand jury in New York, a report said.
The owner of a hair salon in Hartford, Conn., who has been linked to a letter-writing campaign critical of Herbalife, was subpoenaed late last month, according to the Hartford Courant.
Israel Alvarez, a popular local stylist with a number of political clients, told the paper he has been instructed by federal authorities in New York not to discuss the matter.
The investigation is looking into whether people, including some hired by hedge-fund billionaire Bill Ackman, made false statements to regulators and others in an effort to discredit the nutritional products company and push down its stock.
The FBI and other federal authorities have interviewed lobbyists at Global Strategy Group, which was hired by Ackman to push his $1 billion short bet that Herbalife is a pyramid scheme.
The firm hired Christopher Healy, a well-known Republican operative in Connecticut, to help recruit Herbalife critics, including a letter-writing campaign to gain the attention of regulators in Washington and Hartford, the paper said.
Some 30 letters have been sent to state Attorney General George Jepsen. One of the letters carried Alvarez's signature, the paper said.
Jepsen made those letters public last week in response to a Freedom of Information request. He told The Wall Street Journal, which first reported on the stock manipulation probe, that the letters were so similar they appeared to be form letters.
Neither Ackman nor Pershing Square is under investigation, but the FBI and prosecutors from Preet Bharara's US Attorney's office in Manhattan have conducted interviews and sent out document requests in connection with the probe, the Journal reported.
Ackman's Pershing Square hedge fund insists it has never paid people to write letters anti-Herbalife letters. He said he spent $50 million on lawyers and lobbyists to promote his "very firmly held view that Herbalife is a pyramid scheme," the paper said.
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