- Left was found guilty of 13 counts of securities fraud for manipulating stocks from 2018 to 2023.
- He built positions before publishing explosive Citron commentary, then exited against his own targets.
- A private Nvidia message asking to destroy the stock became the most damaging evidence at trial.
A federal jury in Los Angeles convicted Andrew Left, 55, founder of the influential short-selling platform Citron Research, on one count of securities fraud scheme and 12 counts of securities fraud on Monday.
The verdict came after a 15-day trial that exposed how the Left used his public media platform to move stock prices while secretly trading against the positions he was promoting. Left faces up to 25 years in federal prison for the scheme count alone. Sentencing is scheduled for August 31.
How the Scheme Worked
The fraud ran from at least March 2018 through October 2023. The mechanics were straightforward and cynical:
- Left selected a publicly traded company he intended to write about
- He quietly built long or short positions before publishing anything
- He then published explosive, sensationalized commentary through Citron Research on social media and TV appearances on CNBC, Fox Business, and Bloomberg
- He used short-dated options expiring the same day as publication to maximise quick profits
- He set limit orders to automatically close positions once stocks moved in his intended direction
- He then exited his positions at prices vastly different from the target prices he had publicly touted
The total illicit profit across the scheme was at least $21 million.
The Nvidia Message That Defined the Trial
Prosecutors produced a private message Left sent to a hedge fund portfolio manager in November 2018 about Nvidia that became central to the case.
“Do you want to make some fast money? Put together a thesis on why NVDA is oversold. We can destroy it. Just read the analyst notes from this past quarter and assemble the best ideas,” Left wrote.
That morning, he took positions in Nvidia, including short-dated call options. He then publicly tweeted that Citron was buying Nvidia and set a price target of $165. Major media outlets picked up the tweet. Less than two hours later, with Nvidia trading between $150 and $151, Left sold every position for a profit of at least $960,000.
Left Responds
Citron Research posted a response hours after the verdict.
“Today I was found guilty. Amongst other things, for recommending Tesla, Nvidia and Meta back in 2018. Not once did anyone say I lied. The government’s own agent admitted it on the stand. There were no false statements. So now a truthful opinion that ends up making money is illegal. Is this America? We disagree with the jury and this does not stop here.”
The jury acquitted Left on four counts related to specific companies. The remaining 13 guilty counts cover one of the most documented cases of social media-driven market manipulation in US history.
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