News: ‘Roaring Kitty’ in GameStop saga testifies before Massachusetts regulators.
BOSTON (Reuters) – Roaring Kitty, a social media person whose online posts helped spark the GameStop Corp stock frenzy in January, appeared before Massachusetts securities regulators Wednesday for an investigation into his Activities to testify.
Massachusetts Commonwealth Secretary William Galvin, the state’s top securities regulator, summoned Keith Gill last month, who was a registered broker and promoter of GameStop stock in his spare time as a registered broker and with insurer MassMutual.
He was a key figure in what was known as the “Reddit rally,” which saw GameStop’s shares rise 400% in a week before falling back to pre-rise levels. Galvin’s spokeswoman said Gill practically testified in response to the subpoena.
William Taylor, Gill’s attorney at Zuckerman Spaeder, declined to comment.
Gill, 34, shared his positions on Reddit’s popular Wallstreetbets trading forum in September 2019 and posted a portfolio screenshot showing that he had invested $ 53,000 in GameStop.
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By late January, Gill, known as “Roaring Kitty” on YouTube and “DeepF *** ingValue” on Reddit, was up over 4,000% on stock and option investments in his GameStop position plus cash valued at nearly $ 48 million into the company. according to his Reddit posts.
Gill testified before the US House Committee on Financial Services on February 18 that he was “as optimistic as I have ever been about a possible turnaround for GameStop.”
While trading with GameStop, Gill worked at MassMutual in a marketing and finance education job and was a registered finance broker in Massachusetts.
Galvin’s office said MassMutual had notified regulators that they were unaware of Gill’s outside activities. He left MassMutual in late January and is no longer a broker registered with the financial industry regulator.
The broker-dealer arm of MassMutual filed a notice of termination for Gill with FINRA on Friday, saying an internal review of its “external activities” was still ongoing.
Reporting by Nate Raymond in Boston; Adaptation by Bernadette Baum
Original Source © Reuters