Short-seller Andrew Left is 'nervous' ahead of a trial that could send him to prison for 25 years

• Andrew Left goes to trial on charges of securities fraud next month.
• The famed short-seller told Business Insider he wants to testify but no decision has been made.
• Prosecutors allege he manipulated the market to make a quick buck.

Andrew Left didn't hesitate when asked if he wants to take the stand at his upcoming trial on securities fraud charges.

"Of course," he answered.

Left, the high-profile short-seller and founder of Citron Research, is weeks away from going on trial for allegedly manipulating the prices of stocks, including Tesla, Nvidia, and Meta Platforms. He denies the charges, but said that the experience hasn't shaken his faith in the system he's up against.

"I'm not going to trial because I think I'm going to lose," he told Business Insider in a recent interview. "Because at the end of the day, I believe in justice, I believe in the system."

Whether Left will testify is an open question. He said he will defer to the advice of his legal team, and defense lawyers are often reluctant to have a client take the stand and face cross-examination.

'To say you're not nervous would be hubris'

Left, 55, who lives in Florida, said he found out he was under investigation in January 2021, when FBI agents visited his home. Lately, he's been working closely with his legal team as it prepares for the May trial in federal court in Los Angeles and doing his own research. In December, he revealed to Business Insider how he had been using Anthropic's Claude chatbot to prepare his defense.

Although he's confident he will prevail, Left said he's grown more anxious as his day in court nears.

"I'm very nervous," he said. "The trial is a trial. To say you're not nervous would be hubris."

A 25-year market veteran, Left rose to fame by correctly calling several notorious stock market frauds, the most famous of which was Valeant Pharmaceuticals. He made headlines and drew backlash for his bet against GameStop in 2021 when retail traders were pushing it higher during the height of the meme-stock craze.

He was indicted in July 2024, charged with manipulating the price of over 20 stocks. He is accused of providing false and misleading information, including tweeting bullish commentary that pushed prices up and selling shortly after. The feds also allege that he maintained relationships with hedge funds and concealed them in order to appear independent.

"As alleged, Left knowingly exploited his ability to move stock prices by targeting stocks popular with retail investors and posting recommendations on social media to manipulate the market and make fast, easy money," the Justice Department said in a statement announcing his indictment.

"While Left made false representations to the public to bolster his credibility, behind the scenes, Left allegedly took contrary trading positions to reap quick profits off the stocks he either promoted or pilloried through Citron."

A representative for the US Attorney's office for the Central District of California declined to comment on the case.

Left faces up to 25 years in prison if convicted of the most serious charges. He said his primary emotion as he prepares to fight for his freedom isn't anxiety; it's frustration. In a world where financial scams feel increasingly common, he said, he feels he's being prosecuted for simply trading stocks and sharing opinions on a few high-interest companies.

"I can't look at my phone without some kind of nonsense and craziness with somebody trying to scam left and right," he said. "I'm thinking, 'Wow, they're going after me for saying, buy Nvidia and Tesla and Facebook and stay away from shorting some frauds.'"

Throughout his career as a short-seller, Left has used X (then Twitter) to share opinions about the stock market. Left said he never believed any of his actions were illegal. He contends it's common for short-sellers to post about their bearish bets on social media.

"I've never had a lawyer tell me 'What you're doing is wrong,'" he said. "Everyone does it. It's not like I'm doing something that's so out of the ordinary. To be charged with this, it's bewildering to me."

This isn't Left's first encounter with federal agencies. He recalls a previous IRS audit, which he described as a "relatively pleasant process" in comparison to what he faces now. The stock manipulation charges, he said, feel very different.

"I always figured when you dealt with the government that they just wanted the truth," Left said. "This was not a situation, in my opinion, where they wanted the truth. This is more like, 'We're going to get this guy.'"

Left said he thinks the government chose to charge him because of his high profile in the industry. The Justice Department press release on his indictment noted that he had been a frequent guest on cable channels including CNBC, Fox Business, and Bloomberg Television.

In the run-up to the trial, Left said, he's felt a lot of support from his family and friends. "My friends know I'm not a shady character," he told Business Insider. "[They] have stood by me, and my wife is the absolute best."

He is worried that the jurors chosen for his case may not be well-versed in stock trading or understand the nuances of the allegations. He said he hopes they'll be able to look past Wall Street stereotypes.

"I just hope we get a jury with open minds," Left said. "I don't know what to expect. To be honest, I would love to say I have an expectation. I don't since I'm new to this. I've never been indicted before."

Left told Business Insider he doesn't know exactly what he would say in the event he does take the stand, but he knows what he wants jurors to take away from the trial.

"I never lied about a company," he said. "There is no law about how I can trade, and there's no victims."