Business Massachusetts regulators subpoena GameStop bull ‘Roaring Kitty’ By Reuters February 11, 2021 | 10:14am | Updated Enlarge Image Massachusetts regulators subpoenaed Keith Gill, who helped drive interest in GameStop during its Reddit-fueled rally. YouTube More On: gamestop Billionaire trader expected to testify at House ‘Reddit Rally’ hearing GameStop stock tries to snap losing streak after big plunge GameStop shares tumble as Reddit-rally surge dies down ‘Reddit Rally’ yields 2 book deals, 3 movie deals in wild week Massachusetts securities regulators have issued a subpoena seeking the testimony of a YouTube streamer who helped drive a surge of interest in GameStop as part of a review of his registration, including his “outside business activities,” an official said Wednesday. The office of the Secretary of the Commonwealth William Galvin issued the subpoena on Monday, looking to hear later this month from Massachusetts financial adviser Keith Gill. Gill gained notoriety as “Roaring Kitty” on YouTube, making the case for buying shares of the video retailer with colorful language. Gill until recently worked for insurance giant MassMutual and is a registered broker. Gill became a key figure in the so-called “Reddit rally,” which saw shares of GameStop surge 400 percent in a week before crashing back to pre-surge levels. The volatility has also drawn scrutiny from U.S. lawmakers, the White House, the Securities and Exchange Commission and the New York Attorney General. see also Meet the Redditor who made millions off GameStop and started a market frenzy MassMutual has informed regulators they were “unaware of Gill’s outside activities and they had previously denied a request made by Gill to manage the portfolio of a family friend” in response to an inquiry from Galvin’s office, a spokeswoman for the Secretary of State said in an email. The firm told the regulators Gill gave his notice on Jan. 21 and his last day was Jan. 28, she said. MassMutual and Gill did not respond immediately to requests for comment. Gill is due to testify before the Massachusetts Securities Division on Feb. 26, according to the subpoena. https://nypost.com/2021/02/11/massachusetts-regulators-subpoena-gamestop-bull-roaring-kitty/
But wasn't he like "let's all buy gamestop to drive these short sellers bankrupt!!!"? I don't like the regulators trying to come down on this guy at all, but that is quite a bit more than a calculated profitable bet.
I don't think it's illegal to tell others your stock bets. He discovered a vulnerability in the over leveraged short positions of GameStop stock and made the case public. Why should it be illegal? I am sure he used and acted on available public information.
That was not his original investment case and he made that case rather thorough in the form of 7-hour Youtube videos.
He was reported to be a CFA so, probably, violated rules pertaining to his license? Can't be blamed for the losses inflicted on small traders dumb enough to follow him off the cliff. However, if you have a license, you have a responsibility to act like a professional as opposed to a hack on CNBC or Bloomberg.
IMHO don't ever get licensed if you are gonna give advice in a public forum. Plus he was 24 which could be a problem if/when Finra gets involved.