Citron Research founder Andrew Left was convicted of securities fraud on Monday after a federal jury found he misled investors through stock recommendations while allegedly trading against his public positions.
After two days of deliberations, jurors convicted Left on the lead securities fraud charge and 12 of 16 additional counts tied to specific trades, while acquitting him on four counts.
'Jury got it wrong' The closely watched case has drawn attention across Wall Street, with prosecutors alleging that the Citron founder manipulated markets and misled retail investors and earned him more than $20 million, raising questions about the legal boundaries of activist short selling.
"I think the jury got it wrong and it's not the end of the road," Left told reporters after the verdict, according to a Business Insider report.
Left, the 55-year-old Citron Research founder, financial commentator and frequent television guest who took the unusual step of testifying in his own defense, faces up to 25 years in federal prison when he is sentenced on August 31, though legal experts expect a significantly shorter term.
