LOS ANGELES — Andrew Left, founder of Citron Research and a frequent television stock analyst, was found guilty Tuesday of orchestrating a stock manipulation scheme that generated at least $21 million in illicit profits, federal prosecutors stated Monday.
A federal jury convicted Left, 55, of one count of a securities fraud scheme and 12 counts of securities fraud. Prosecutors said Left used his public platform, television appearances, and social media influence to move stock prices while secretly trading against the positions he publicly promoted.
According to trial evidence, Left built positions in stocks before publishing market-moving commentary through Citron Research, then quickly sold those positions for profit once stock prices reacted.
Quick Facts
- Defendant: Andrew Left, 55
- Convicted of: Securities fraud scheme and 12 securities fraud counts
- Alleged profits: At least $21 million
- Scheme period: March 2018 to October 2023
- Sentencing: Aug. 31
- Investigated by: FBI and U.S. Postal Inspection Service
Prosecutors said Left used sensationalized reports and social media posts to influence investors while concealing financial relationships with hedge funds. Jurors acquitted him on four securities fraud counts tied to specific company trades.
U.S. District Judge Virginia A. Phillips scheduled sentencing for Aug. 31. Left faces up to 25 years in federal prison on the scheme count and up to 20 years on each securities fraud count.