GameStop trader will tell Congress his advocacy as Roaring Kitty wasn’t for his own profit.
Keith Gill, former Mass. Wellness education director who advocated for shares of Gametop in his spare time, is set to tell a House committee on Thursday that he never advised investing for a fee and to buy stocks or Do not advise anyone to sell. For my own benefit. “
The statement makes no mention of the fact that Mr. Gill was a registered securities broker and a chartered financial analyst when he was posting online about Gamertop, aka Rearing Kitty and another pseudonym Was that contained pornography.
In a five-page statement, Mr. Gill described himself as a true believer in the video game retailer’s fortunes, and said that his posting online about the company had nothing to do with his job at Mossmutual. He portrayed himself as a man-of-the-fight who was battling with wealthy hedge funds, some of whom were shorting GameSop’s shares and placing bets on its collapse.
“The idea that I have used social media to promote GameShop stock to release investors is more dangerous than before,” Mr Gill said in the statement. Month in GameStop shares. “I was abundantly clear that my channel was for educational purposes only, and that my aggressive style of investment was not suitable for the majority of people checking the channel.”
He said that he had shared his investment ideas online because he had “reached a level where I felt that sharing them publicly could help others.”
Mr. Gill described himself as an average person, earning a modest income and effectively being out of work for two years before landing on Masmuil in April 2019. The statement looked at how much money was in GameSop’s trading shares – although he said at one point he told his family that “we were millionaires.” He also did not mention whether Massachusetts securities regulators are investigating whether they violated securities industry rules and regulations with their social media postings.
On Tuesday, Mr. Gill and his former employer, named as defendants in a proposed class-action lawsuit, claimed they misled retail investors who bought shares of GameStop during their 1,700 percent rally, only to lose. The stock quickly gave back when to suffer. Benefit. The lawsuit states that MassMutual and its brokerage branch did not properly supervise Mr. Gill, who was an employee until a few weeks ago.
Mr. Gill’s attorney, William Taylor, declined to comment on the lawsuit. A spokesperson for MassMutual said the company was reviewing the matter with Mr. Gill.
Mr Gill is one of a half-dozen witnesses scheduled to testify at the hearing, which will focus on the impact of short sales, social media and hedge funds on retail investors and market speculation.