Published , by Captain Business
Published , by Captain Business
The GameStop short squeeze saga continues into September, with many traders focused on technical breakouts on the chart and options expiration tomorrow. The individual at the center of the original meme stock movement has apparently gotten his former employer into hot water as today the Massachusetts securities regulator announced that MassMutual's investment subsidiary has been fined $4.75 million for failure to supervise its agent Keith "TheRoaringKitty" Gill.
Keith "TheRoaringKitty" Gill, also known as u/DeepFuckingValue on Reddit, has gone silent on social media for the past several months. It's entirely possible that his hiatus from Twitter and Reddit are tied to today's fine of his former employer MassMutual as well as the ongoing SEC investigation into the GME short squeeze of January 2021. As of right now, Gill seems to be avoiding a direct penalty.
Massachusetts Secretary of the Commonwealth William Galvin has determined that MassMutual's MML Investor Services failed to keep track of Keith Gill's investment and trading activities while he was working at the company while promoting his GameStop long thesis in his free time on YouTube, Twitter, and Reddit. Making matters worse for MassMutual, Galvin found that the company failed to properly supervise other agents social media usage or notice excessive trading on their own accounts.
As a result of today's actions by the state of Massachusets, MassMutual has agreed to pay a $4 million fine to resolve these allegations and an additional $750,000 fine for failing to register 478 broker-dealer agents. MassMutual also stated that the compnay plans a revamp of their current social media policies for employees.
At the time of the January 2021 GME short squeeze, Gill was still working as a registered financial broker for MassMutual in a marketing and financial position. The Massachusetts securities regulator found that the company failed to detect approximately 1700 trades by Gill, who executed at least two trades above the company's $700,000 limit.
Keith "TheRoaringKitty" Gill first shared his GameStop (GME) investment thesis back in 2019 on subbreddit r/WallStreetBets, and is currently sitting on a position in the company's stock valued at over $50 million up from his original investment of $53,000 and subsequent options moves.
TheRoaringKitty is still remaining silent on social media, but many GameStop traders have their eyes on the stock's ticker these days as the short squeeze continues into the final quarter of 2021.
Are you tired of GameStop news? Salty that you didn't buy the stock lower? Do you think the entire stock market is a house of cards built on printed money and debt? Let us know your thoughts in the Shacknews Chatty comments section below. We really want to hear your opinion.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.
Full Disclosure:
At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, and his company Virtue LLC had the following positions:
Long GameStop via GME shares
Long GameStop via GME call options