Reddit Member Summoned By Authorities Over GameStop Surge
About some weeks ago, the only thing in the mouth of investors, traders, and those watching the financial market was GameStop. The stock rise in value as investors and traders who already in the market took profits before the blow on their investment. Robinhood, the app that allowed people to buy the stocks, announced stopping the stock trades.
After the announcement, the group responsible for the token’s pump, WallStreetBets, began to show their displeasure at the update. With that already out of the way, one of the group members has been summoned by law enforcement to answer several questions regarding the recent surge.
Keith Gill posted some videos on YouTube that signaled the pump
According to the authorities, the r/WallStreetBets team was involved in the surge after posting a series of tweets that triggered people to pimp the stock last month. In a report that Boston Globe compiledBoston Globe compiled after keen analysis, the member in question, Keith Gill, is the offending party and goes by Roaring Kitty on YouTube. Keith posted certain videos on the pump that was about to happen via his personal YouTube page with the name Roaring Kitty.
He didn’t stop there as he further went on to post this same video on his Reddit page. Keith goes by the username, DeepFuckingValue on Reddit, and he is famous for making posts about stocks and digital assets. The authorities mentioned that they are still carrying out investigations to determine if any rules of securities trading were violated during the massive surge that happened as regards GameStop.
The regulators also mentioned that they are also looking into Keith to determine if he had the license to provide investors and traders with advice regarding trading stocks and other related securities. In the records of Reddit, Keith was one of the biggest winners in the GameStop pump as he got profits within the range of $48 million to cap off a sweet January.
Authorities want to determine if Keith still worked for MassMutual when he released the videos
In the Boston Globe report, Keith has previously worked with the known insurance entity, MassMutual, where he offered his expertise as a financial advisor. During the course of his stay at MassMutual, Keith had the required licenses to hold the office and discharge his duties accordingly.
Regulators claim that they want to know if the services that Keith provided them (the analysis) was something done for fun or was officially appointed to be the platforms, financial advisor. The report claims that even though Keith already gave MassMutual a notice to leave weeks before the pump, he was technically still an employee of the firm when the surge happened.
According to the State laws, Gill should have informed his employees that he was advising people outside their organization, something that the firm says it was not aware of. The GameStop rally showed the involvement of Reddit members, and it came when the stock was struggling to break into the digital world. GameStop sells CDs of different games in an era where people go to the internet to purchase the kind of games that they want.