Keith Gill, a Massachusetts investor who found fame and fortune through GameStop Inc.’s stock. has caught the attention of the state’s chief financial regulator, the New York Times reported Thursday.
William Galvin, the Commonwealth Secretary in Massachusetts, took interest after it was revealed that Gill is a registered stockbroker who, according to the report, worked as a director of financial welfare at an insurance company until January 28.
Galvin, the state’s chief financial regulator, sent a letter to MassMutual, Gill’s former employer, asking for details on how the company monitors employees’ secret business activities and social media use, the report said.
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Gill, who goes by the username “Roaring Kitty” on YouTube and posts on the popular Reddit forum WallStreetBets under the name “DeepF-ingValue”, has reportedly made tens of millions of dollars trading GameStop stock in GME,
and options.
The news comes a day after Rep. Maxine Waters of California, Democratic Chair of the House Financial Services Committee, told Cheddar TV that Gill would testify on Capitol Hill later this month.
As a registered stock broker, Gill is at greater risk of civil penalties than a typical retailer because the Financial Industry Regulatory Authority, the securities industry’s self-regulatory body, requires brokers to refrain from making “ false [or] misleading claims, exaggerated statements and material omissions ”on social media, the Times said.
Treasury Secretary Janet Yellen will host a meeting on Thursday with key federal regulators to address recent market volatility around stocks heavily promoted on social media, including GameStop GME,
and AMC Entertainment Holdings Inc. AMC,
Bloomberg News reported Wednesday that the Securities and Exchange Commission is actively investigating social media posts along with trading data to see if the posts were part of a concerted effort to manipulate the price of these so-called meme stocks.