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June 05, 2024 at 11:16 AM
What You Need to Know
- State securities regulator Galvin is investigating the trading activities of Keith Patrick Gill, known as Roaring Kitty.
- Gill faced a previous investigation at the height of the meme stock frenzy in 2021, when he was employed by MassMutual.
- Social media users compared scrutiny of Gill with the freedom of politicians to trade on nonpublic information.
Secretary of State William Galvin, Massachusetts’ top securities regulator, is investigating the trading activities of Keith Patrick Gill, known as “Roaring Kitty,” the meme stock trader who recently disclosed a huge position in GameStop.
A spokesperson for Galvin’s office confirmed the investigation to ThinkAdvisor Wednesday morning.
On Monday, E-Trade said that it was mulling banning Gill — known as “DeepF——Value” on Reddit — after Gill posted a screenshot of a $116 million bet on GameStop, The Wall Street Journal reported. GameStop soared 21% on Monday after Gill’s post.
The Securities and Exchange Commission is also reviewing trades in GameStop call options around the time of Gill’s post, the Journal reported, though it was not known if the agency was investigating Gill himself.
“The SEC does not comment on the existence or nonexistence of a possible investigation,” an agency spokesperson told ThinkAdvisor in an email.
2021 Investigation
In September 2021, Galvin ordered MML Investors Services LLC, a subsidiary of MassMutual, to overhaul its social media policies and pay a $4 million fine over the company’s failure to supervise agents, including Gill.
In levying the fine in 2021, Galvin said that MassMutual failed to supervise Gill as he posted more than 10 days’ worth of YouTube videos and hundreds of social media posts, which fueled a steep run-up in GameStop stock.
A screenshot of Keith Gill on YouTube in 2021.
