At this point, the investor has found the potential fraud targets. This chapter outlines the execution process of a fraud short investment strategy, emphasizing the associated risks. Key steps include a risk, reward, and cost assessment; selection of financial instruments; building and monitoring investment positions; releasing a fraud report; and strategically closing positions or stopping losses. The chapter underscores the market risks, such as timing and instrument volatility, and non-market risks, like changing regulations and potential litigation. The threat of a short squeeze, where a sudden stock price surge can cause significant losses for short sellers, is illustrated with examples from Volkswagen, GameStop, and Herbalife. The Wirecard case demonstrates the importance of timing in fraud short investments, as market recognition of fraud can take years, impacting profitability. The chapter concludes by highlighting two types of hedge fund strategies in activist short selling campaigns.