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A federal judge has refused to dismiss criminal fraud charges against prominent short seller Andrew Left, allowing a U.S. Justice Department prosecution accusing him of stock price manipulation to move forward.

In a brief order made public Tuesday, U.S. District Judge Terry J. Hatter Jr. denied Left’s argument that he was unfairly targeted by prosecutors because of his public bearish commentary on stocks. Left had claimed the case amounted to selective prosecution based on his speech.

The Los Angeles-based judge did not provide a detailed explanation for the ruling.

Left previously sought to dismiss the indictment on other grounds, including arguments that prosecutors failed to adequately allege fraudulent intent or securities fraud. Judge Hatter rejected those arguments in July. A separate federal judge also declined earlier this year to dismiss a related civil enforcement case brought by the U.S. Securities and Exchange Commission.

Prosecutors allege that Left, through his firm Citron Research, used social media posts and television appearances to influence stock prices for his own financial benefit. According to the indictment, authorities claim Left generated at least $16 million in trading profits over more than five years by making public statements designed to trigger short-term price movements, both upward and downward.

The criminal case names several widely traded companies, including American Airlines, Nvidia, Tesla, and Twitter, as examples of stocks affected by the alleged conduct.

Left has pleaded not guilty to the charges. If convicted of securities fraud, he could face a sentence of up to 25 years in prison.

In court filings, Left’s attorneys argued that short sellers routinely publish opinions intended to influence market sentiment and that prosecuting him for doing so violates constitutional protections for free speech. Prosecutors dispute that characterization, saying the case centers on deceptive conduct rather than opinion.

A trial is currently scheduled to begin on March 17, 2026.