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Andrew Left faces 20 years in prison — but having a correct opinion about a stock shouldn’t be a crime

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This past Tuesday afternoon, I rang up Andrew Left, the high-profile short seller long known for meticulously documenting allegations of alleged corporate malfeasance and placing bets against companies like Valeant Pharmaceuticals, Shopify and Chinese real estate giant Evergrande.

“Hey Charlie, I’m at the airport,” Left said as he picked up. “I’m sitting down, having a vodka.”

Given what had transpired just hours earlier, it wasn’t hard to understand the sitting-down-having-a-vodka part. Late Monday night, after a two-week trial, Left was convicted in Los Angeles federal court of 13 counts of securities fraud.

Prosecutors alleged Left circulated his research on social media and financial TV to move a bunch of stocks and make a ton of money. That constituted market manipulation, they said, and got a jury to agree with them.

It sounds to me like what Wall Street does every day — people who “talk their book” — not to mention all the retail trolls you see on X trying to gin up interest in speculative stuff that loses money. Even so, Left now faces 20 years in prison when he is sentenced in ­August.

Truth be told, there’s something unsettling in what Left admits he did: Purposely pushing stock prices around to make a quick buck. Big firms have strict rules around trading off research, placing stocks on so-called restricted lists. Reporters like myself don’t buy........

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