Andrew Left, the outspoken founder of Citron Research and one of the most recognizable activist short sellers in modern finance, has been found guilty of securities fraud by a federal jury in Los Angeles. The conviction landed on 13 of 17 counts, covering one charge related to participating in a securities fraud scheme and 12 individual counts of securities fraud.
The verdict arrived on June 1, 2026, after a three-week trial and just two days of jury deliberations. Left’s sentencing is scheduled for August 31, 2026.
What prosecutors alleged
Prosecutors argued that Left used social media posts and media appearances to make misleading statements about his positions in various stocks. He would take a position, broadcast a thesis to his large following, and then close out the trade for a profit as the market reacted.
The alleged gains from this pattern totaled between $16 million and $20 million, accumulated over a five-year stretch from 2018 to 2023. The stocks involved read like a who’s-who of retail investor favorites: Nvidia, Tesla, Roku, Cronos Group, American Airlines, and Palantir.
