CALIFORNIA — A federal grand jury in California convicted Andrew Left of securities fraud in a case stemming from charges filed in July 2024. Left was found guilty of one count of participating in a securities fraud scheme and 12 counts of securities fraud, according to the Justice Department.
Left had originally been charged with one count of engaging in a securities fraud scheme, 17 counts of securities fraud, and one count of making false statements to federal investigators. He is scheduled to be sentenced on August 31 and faces a maximum penalty of 25 years in prison.
Left conducted business under the name Citron Research, which operated a website publishing investment recommendations. According to court filings, he published research on companies including Tesla, GameStop, Grand Canyon Education, and Peloton, often using sensationalized headlines and exaggerated language to maximize market reaction.
The indictment alleged that Left knowingly exploited his ability to move stock prices by targeting stocks popular with retail investors. Before Citron published its commentary, he would create long or short positions in the public companies he was about to comment on, then quickly close those positions after publication to profit from the short-term price movements his posts triggered.
Assistant Attorney General A. Tysen Duva said, "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.’" Duva added, "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."
Following the verdict, Left posted on the social media platform X under the Citron Research handle: "We disagree with the jury and this does not stop here. We will keep fighting for free, honest speech and opportunity, the backbone of this country. This is not over."