Andrew Left, the founder of Citron Research and one of the most recognizable names in activist short selling, was found guilty of securities fraud by a federal jury in Los Angeles on June 1, 2026. The conviction landed on 13 counts, including one count of participating in a securities fraud scheme and twelve individual counts of securities fraud. He was acquitted on four counts.
The verdict arrived after a three-week trial and two days of jury deliberation. Left now faces a maximum penalty of 25 years in prison, with sentencing scheduled for August 31, 2026. He remains free until then and has declared his intention to appeal.
The scheme: post, profit, repeat
Left would publish bearish or bullish commentary on major companies through social media posts and television appearances, then rapidly exit his positions once the stock price moved in his favor. The companies involved included Tesla and Nvidia, among others.
The alleged profits ranged between $16 million and over $21 million, accumulated between 2018 and 2023. Those gains came from what prosecutors characterized as a pattern of misleading public statements designed to manipulate share prices.
