A federal jury in Los Angeles has convicted Andrew Left, the 55-year-old founder of the influential short-selling platform Citron Research, on one count of securities fraud scheme and 12 counts of securities fraud. The verdict came on Monday after a 15-day trial exposing a years-long manipulation scheme that generated over $20 million in trading profits.
Prosecutors detailed how Left used his massive social media following to move stock prices between 2018 and 2023. He would publicly post bullish or bearish calls on companies like Tesla, Nvidia, Palantir, Meta, and GE, then quietly close his own positions before his followers could react. One example involved Nvidia: Left tweeted “Citron buys $NVDA” with a higher price target, but sold the position much sooner than anyone following his advice would have expected.
The government also revealed secret deals in which Left shared Citron reports with hedge funds in advance in exchange for a cut of profits, with payments allegedly disguised by fake invoices. A retired firefighter testified he lost $110,000 of retirement savings after acting on Left’s public criticism of a stock he held.
Left took the stand in his own defense, arguing he always expressed genuine views and no law required him to hold a position. His lawyer contended the prosecution was trying to “convict a trader for trading like a trader.” After the verdict, Left called it a “sad day for free speech” and his legal team immediately filed a mistrial motion, citing an error in the verdict sheet.
He faces a maximum of 25 years in prison on the scheme count alone. Sentencing is set for August 31.
