A California federal jury has found securities analyst Andrew Left guilty of operating a market manipulation scheme that defrauded everyday investors.
Left, who worked as a financial analyst, trader, and frequent guest on business television programs like CNBC and Fox Business, faced charges filed in July 2024 including one count of running a securities fraud scheme, 17 counts of securities fraud, and one count of lying to federal investigators. His business model involved short selling, where he profited by wagering that stock prices would decline.
Federal prosecutors announced Tuesday that Left was found guilty on one count of operating a securities fraud scheme and 12 counts of securities fraud. His sentencing is set for Aug. 31, and he could receive up to 25 years behind bars.
“Andrew Left used his expertise to profit at the expense of retail investors, ordinary people who owned the stocks he targeted. He callously boasted that it was like ‘taking candy from a baby,’” Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division, said in a statement. “Egregious schemes like this strike at the heart of free, fair and open markets, and warrant prosecution when they involve criminal manipulation. Investors should have confidence that U.S. markets are safe and free from the type of deliberate manipulation that Left engaged in to enrich himself at the expense of American investors.”
Federal prosecutors had previously revealed that Left operated through Citron Research, which maintained a website featuring investment analysis. His research covered major corporations including Tesla and GameStop as well as Grand Canyon Education and Peloton.
Court documents revealed that Left would analyze publicly traded corporations and issue stock recommendations. His analysis frequently featured dramatic headlines (“Investors Peddling Themselves into Frenzy”) and inflammatory language designed to trigger maximum market response. Prosecutors alleged Left deliberately leveraged his power to influence stock values by focusing on companies favored by individual investors and using social media posts to manipulate markets for quick profits.
The charges further claimed that prior to releasing Citron’s analysis, Left would establish trading positions in the companies he planned to discuss and prepare to rapidly exit those positions following publication to capitalize on price swings triggered by his reports.
Following the verdict, Left posted his disagreement on social media platform X through the Citron Research account.
“We disagree with the jury and this does not stop here,” the post said. “We will keep fighting for free, honest speech and opportunity, the backbone of this country. This is not over.”
