Massachusetts securities regulators have issued a subpoena for a YouTube streamer going by the name “Roaring Kitty” over his role in reportedly helping to drive interest in GameStop in last month’s stock market jubilee, Reuters reported.
The investigation will include his “outside business activities,” the report stated.
Keith Gill is the real name of the user, according to Reuters. Gill gained notoriety as “Roaring Kitty” and had made the case on his YouTube channel for buying shares of the popular video game store.
Until recently, Gill was employed by insurance giant MassMutual, Reuters reported. He is a registered broker.
During the “Reddit rally” as it was termed, Gill became a key figure, the report stated, goading the process along as GameStop’s stock soared over 400 percent higher. It crashed down to pre-surge levels afterward, but the event drew the attention of U.S. lawmakers, the White House, the Securities and Exchange Commission (SEC) and the New York Attorney General.
MassMutual told regulators they had been unaware of Gill’s activities on YouTube, Reuters reported. Gill gave his notice to quit on Jan. 21, and his last day there was Jan. 28.
Reuters also reported that MassMutual denied Gill’s request to manage the portfolio of a “family friend.”
Gill will appear before the Commonwealth of Massachusetts Securities Division on Feb. 26, according to the subpoena, per Reuters.
The GameStop scenario ended in late January as Robinhood and some other brokerages ended up putting restrictions on some stocks in a measure to help get the market back in control.
According to PYMNTS, Robinhood, along with Melvin Capital and Citadel Securities, are expected to testify about the affair. Melvin Capital lost 53 percent of its $12.5 billion in assets due to the GameStop stock boosts, with retail investors appearing to go after hedge funds. Citadel entered the drama due to its relationship with Robinhood.
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