Frequent TV Commentator Allegedly Manipulated Stock Market for Personal Gain, Faces 19 Counts
Andrew Left, a prominent stock analyst and frequent guest on business news channels, has been indicted on 19 counts, including securities fraud and making false statements to federal investigators, the Justice Department announced today. Left, 54, of Boca Raton, Florida, formerly of Beverly Hills, is accused of using his public platform to manipulate stock market activity for personal gain.
Left is expected to be arraigned in the coming weeks in United States District Court in Los Angeles.
“This defendant allegedly used his platform as a securities commentator to manipulate the markets and enrich himself in the process,” said U.S. Attorney Martin Estrada. “The integrity of our securities markets is essential to the health of our financial system, and those who undermine that integrity imperil the savings of hard-working people.”
The charges include one count of engaging in a securities fraud scheme, 17 counts of securities fraud, and one count of making false statements to federal investigators.
“Mr. Left’s presence on financial television networks and his significant online following provided him with a credible platform to allegedly disguise his intentions and manipulate the investing public for personal gain,” said Akil Davis, Assistant Director in Charge of the FBI’s Los Angeles Field Office.
The indictment alleges that Left, through his Citron Research platform, used sensationalized commentary to influence stock prices, positioning himself to profit from the market movements he triggered. From March 2018 to October 2023, Left allegedly earned at least $16 million through these manipulative practices.
Investigators claim Left would take long or short positions on stocks before publishing commentary designed to impact their prices. He then profited by closing his positions as the market reacted to his commentary, often using short-dated options to maximize gains.
To maintain the appearance of impartiality, Left allegedly concealed his financial relationships with hedge funds and lied to law enforcement about his interactions with them.
An example cited in the indictment involves Nvidia Corp. In November 2018, Left allegedly coordinated with a portfolio manager to create negative commentary about Nvidia, took financial positions in the company, and then publicly endorsed Nvidia as a favorable investment. He sold his positions within hours for a profit of nearly $1 million.
Left’s scheme extended to his public appearances on news programs, where he allegedly misrepresented his trading positions.
If convicted, Left faces a maximum sentence of 25 years in federal prison for the securities fraud scheme count, up to 20 years for each securities fraud count, and up to five years for the false statements count.
The FBI and the U.S. Postal Inspection Service are investigating the case. Assistant U.S. Attorneys Alexander B. Schwab and Brett A. Sagel, along with Trial Attorneys Lauren Archer and Matthew Reilly, are prosecuting.
Victims can contact the Justice Department’s Victim Assistance Unit for case information and updates.
