Retired Firefighter Says Andrew Left Wiped Out $80,000 in 401(k) Trial Testimony

7 articles · Updated · Business Insider · May 15

$110,000 in retirement savings became the centerpiece of Thursday's testimony as retired Texas firefighter Billy Banks told jurors he lost about $80,000 after stocks Andrew Left criticized collapsed.
Banks said his CV Sciences stake had swelled to $190,000 before Left's negative comments sent it plunging; a later bet on Namaste also cratered after Left said on TV the shares could go to zero.
Defense lawyers argued Left never told anyone to buy either stock, that his reports were accurate, and that Banks' losses worsened because he sold after the initial declines.
A second retail investor, Adam Gray, testified he viewed Left's cannabis-stock calls as suspicious and later sent a tip to the SEC, while earlier trial evidence included emails about coordinating shorts with hedge funds.
Prosecutors say the Citron Research founder used his market profile to manipulate stocks and made more than $20 million; the Los Angeles federal trial continues Friday.

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