A retired Texas firefighter told a federal jury Thursday that he watched most of his retirement savings evaporate after betting on cannabis companies that later became targets of famous short seller Andrew Left, whose securities fraud trial is now unfolding in Los Angeles.

Billy Banks testified that what began as a hopeful investment journey quickly turned into what he described as a financial nightmare, leaving him devastated after losing tens of thousands of dollars tied to stocks criticized by Left, the founder of Citron Research.

Federal prosecutors accuse Left of manipulating markets and misleading ordinary investors through public stock commentary while secretly profiting from trades, generating more than $20 million in the process.

Retirement Savings Turn Into Massive Losses

Banks said he was still working as a firefighter in 2018 when he decided to take a more aggressive approach with his retirement investments.

He testified that he moved roughly $110,000 from mutual funds inside his 401(k) into shares of cannabis company CV Sciences, which traded under the ticker CVSI.

Banks said he believed strongly in the company's CBD products because they had "really helped" with stress and pain management.

At first, the investment appeared to be paying off.

Banks told jurors he was on vacation with his wife when he checked his portfolio and discovered the investment had surged to roughly $190,000.

He recalled thinking, "Oh my god" and said he was "just so excited."

"It was like I had been watering this plant for weeks, and here it is," he said.

But the excitement did not last long.

Banks testified that shortly after returning from vacation, Left publicly shared negative comments about CV Sciences, triggering a sharp decline in the stock price.

Even though Banks still believed in the company's products, he said the relentless collapse became impossible to endure.

"It was like trying to catch a tiger tail. You couldn't catch up with the thing," he said.

Banks eventually sold his CVSI shares, losing about $80,000 from his original investment.

A Second Cannabis Bet Ends in More Devastation

After taking the loss, Banks testified that he tried to recover financially by investing about $30,000 of his remaining money into another cannabis company called Namaste.

Instead, he said, things became even worse.

Banks told the court he later saw Left appear on television and publicly predict Namaste's stock price would fall to zero.

His reaction, he testified, was "simply horror."

"When he said he was going to short it to zero, I saw my funds going to zero," he said.

By the time Banks sold his Namaste shares, he testified he had lost roughly 80% of that investment as well.

He described the outcome as "devastating."

Defense Pushes Back Against Emotional Testimony

Left's defense team argued that the short seller never advised investors to purchase either CVSI or Namaste in the first place.

Defense attorneys also maintained that Left's criticism of Namaste ultimately proved accurate.

According to the defense, Banks could have minimized his losses if he had immediately sold his shares after Left released his negative report instead of holding onto them longer as prices continued falling.

The courtroom battle centers on whether Left's public stock commentary crossed the line from aggressive market opinion into illegal market manipulation.

Another Retail Investor Says Left’s Actions “Seemed Off”

Prosecutors also called another retail investor Thursday in an apparent effort to show how everyday traders were influenced by Left's market commentary.

Adam Gray testified he was working as a car salesman in South Dakota in 2018 when he began learning about stock trading and closely following cannabis investments.

Gray said Left was among the market personalities he watched for insight and analysis.

But over time, Gray testified, he became suspicious of Left's behavior.

Gray claimed Left was publicly bullish on one cannabis company while simultaneously sharing negative information about competing cannabis stocks.

"To me, it just seemed off, like that shouldn't be happening," he said.

Gray eventually submitted a tip about Left to the Securities and Exchange Commission, though it remains unclear whether that complaint helped trigger the federal investigation.

Left's defense responded by arguing the reports and criticism involving the cannabis companies were factually accurate.

High Stakes Trial Continues Friday

The trial has drawn significant attention across Wall Street and among retail investors because it touches on the growing power of high-profile market commentators, social media influence, short selling tactics, and the risks everyday investors face during volatile trading frenzies.

Prosecutors are attempting to convince jurors that Left used his public platform to manipulate stock prices for personal gain.

The defense insists Left was simply expressing opinions protected by market norms and backed by research.

The trial is scheduled to continue Friday in federal court in Los Angeles.