Andrew Left Found Guilty of Securities Fraud Involving Tesla and Nvidia Stock Calls

TLDR

• Federal jury convicted Andrew Left of Citron Research on 13 counts of securities fraud
• Left made over $20 million by publicly posting stock calls on Tesla, Nvidia, and others, then quietly closing his positions early
• Prosecutors said he gave hedge funds advance notice of Citron reports in exchange for a cut of profits
• Left faces up to 25 years in prison and is due to be sentenced August 31
• Left called the verdict a “sad day for free speech” and his legal team plans to challenge the ruling

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Andrew Left, the founder of Citron Research, was found guilty of securities fraud by a federal jury in Los Angeles on Monday. The jury convicted him on 13 of 17 counts.

Citron Research founder Andrew Left was found guilty of securities fraud by a federal jury in Los Angeles.

The case centered on tweets about dozens of companies that prosecutors argued were used to move share prices and generate ~$20M in trading profits from 2018 to 2023.

Left… pic.twitter.com/gja5PtCkn9

— Wall St Engine (@wallstengine) June 2, 2026

Left is one of Wall Street’s most well-known short-sellers. He built his reputation publishing research reports on companies he believed were overvalued or fraudulent.

How the Scheme Worked

Prosecutors said Left used his large social media following to move stock prices. He would post bullish or bearish views on stocks like Tesla, Nvidia, Palantir, Meta, and GE, then close his own positions early — before his followers did.

The government said investors trusted his calls and traded based on them. That created the price moves Left needed to profit. All told, prosecutors say he made more than $20 million.

One example involved Nvidia. Left publicly posted “Citron buys $NVDA” and gave a higher price target. Prosecutors said he sold the position much sooner than anyone following his advice would have expected.

Left also infamously shorted GameStop, which made him a target of retail investors during the 2021 trading frenzy.

A retired firefighter named Billy Banks testified that he lost $110,000 of his retirement savings after Left publicly criticized a company he had invested in. Banks said after the verdict he felt “vindicated.”

The government told the jury that Left boasted his trades were like “taking candy from a baby” and that he could “send a stock tumbling with a single tweet.”

Secret Deals With Hedge Funds

Prosecutors also accused Left of sharing Citron reports with hedge funds before they were made public. In exchange, those funds allegedly paid him a cut of their profits. The government said fake invoices were used to hide the payments.

Private messages presented at trial, prosecutors argued, showed Left’s goal was short-term profit — not honest investment research.

Left took the stand in his own defense, a risky move that exposed him to hours of cross-examination. He said his public comments always reflected his genuine views and that no law required him to hold a position after sharing an opinion.

His lawyer Eric Rosen argued in closing: “The government wants you to convict a trader for trading like a trader.”

After the verdict, Left told reporters he thought “the jury got it wrong.” He also raised concerns about the upcoming SpaceX IPO, saying the case was “chilling” for free speech around stock commentary.

His lawyer filed an immediate motion for a mistrial, citing an error in the jury’s verdict sheet. The judge did not rule on it Monday.

 

Left faces a maximum of 25 years in prison. He is scheduled to be sentenced on August 31. His legal team is expected to continue challenging the conviction.