The former employer of ‘Roaring Kitty’ MassMutual fined by regulators

Keith Gill, well known with an online trading name as “Roaring Kitty”. His former employer, insurer MassMutual was fined $4 million by Massachusetts securities regulators. The New York Times reported that MassMutual admitted that it failed to supervise its agent’s trading and online activity.

MassMutual announced on Thursday that Mr Gill resigned in January. It reported that “Mr. Gill was carrying out trades on behalf of three other people not affiliated with MassMutual without the insurer’s knowledge, the settlement said.” He grew a huge social media following with his YouTube videos about GameStop. Retail traders who organised on Reddit’s Wallstreetbets drove the company’s share price up in January, creating a new history in Wallstreet.

Mr Gill also often updates his GameStop’s position on Reddit under the tag “GME YOLO Update.” The NYT also reported that “But the settlement with the office of William F. Galvin, the secretary of the commonwealth, said that Mr. Gill also carried out nearly 1,700 trades in the accounts of three other people. What was being traded and the identities of the people were not disclosed.”

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