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by Mike Caswell

Federal prosecutors in California have requested a six-year jail term for Andrew Left, the activist short-seller behind Citron Research, saying that he "predatorily targeted retail investors" in a $16-million scheme. (All figures are in U.S. dollars.) Prosecutors claim that Mr. Left, 56, used his audience and market knowledge to generate panic selling or heavy buying. He then traded against his own recommendations, capitalizing on the price movement and volatility he had created, the government says.

The request from prosecutors comes as part of a case in which they claimed that Mr. Left used his investment publication, Citron Research, to generate profits in what amounted to a "garden-variety pump-and-dump scheme." The stocks that he targeted included TSX Venture Exchange listing Cronos Group Inc. A jury convicted Mr. Left on June 1, 2026, after a 15-day trial.

With Mr. Left's sentencing date approaching, prosecutors have set out what they see as an appropriate punishment. In a memorandum filed on Nov. 10, 2026, they have requested the six-year jail term, to be followed by three years of supervised release. They are also seeking $32-million in fines and forfeiture, roughly double Mr. Left's gains.

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