Keith Gill, the social media persona often called “Roaring Kitty,” whose on-line posts helped spark January’s buying and selling frenzy in GameStop shares, appeared earlier than Massachusetts securities regulators on Wednesday to testify as a part of an examination into his actions.
Massachusetts Secretary of the Commonwealth William Galvin, the state’s high securities regulator, final month subpoenaed Gill, who touted GameStop inventory in his spare time whereas he was a registered dealer and dealing on the insurer MassMutual.
He was a key determine within the so-called “Reddit rally,” which noticed shares of GameStop surge 400 p.c in per week earlier than crashing again to pre-surge ranges. Galvin’s spokeswoman mentioned Gill was giving testimony nearly in response to the subpoena.
William Taylor, Gill’s legal professional at Zuckerman Spaeder, declined to remark.
Gill, 34, started sharing his positions on Reddit’s fashionable Wallstreetbets buying and selling discussion board in September 2019, posting a portfolio screenshot indicating he had invested $53,000 in GameStop.
By late January, Gill, often called “Roaring Kitty” on YouTube and “DeepF***ingValue” on Reddit, was up over 4,000 p.c on inventory and choices investments within the firm, along with his GameStop place plus money value practically $48 million, in keeping with his Reddit posts.
Gill testified earlier than the Home Committee on Monetary Companies on Feb. 18 that he remained “as bullish as I’ve ever been on a possible turnaround for GameStop.”
Whereas buying and selling in GameStop, Gill labored at MassMutual in a advertising and monetary training job and was a registered monetary dealer in Massachusetts.
Galvin’s workplace mentioned that MassMutual has instructed regulators it was unaware of Gill’s outdoors actions. He left MassMutual in late January and is now not a dealer registered with the Monetary Business Regulatory Authority.
The broker-dealer arm of MassMutual on Friday filed a termination discover for Gill with FINRA and mentioned an inside overview of his “outdoors actions” was ongoing.