Massachusetts’ top securities regulator, William Galvin, is looking into the actions of Keith Patrick Gill, the former MassMutual broker who played a key role in the trading frenzy surrounding video game retailer GameStop and other stock last week.
Gill is the person behind the Roaring Kitty YouTube streams that, combined with a string of posts by Reddit user DeepF***ingValue, drove a sudden increase in GameStop stock trading, slamming hedge funds that had bet against the struggling retailer.
“I can confirm our Securities Division sent an inquiry to MassMutual last Friday asking about Mr. Gill’s status,” a spokesperson for Galvin told ThinkAdvisor on Thursday.
MassMutual contacted Galvin’s office on Monday to inform it that Gill had given his notice to leave the firm on Jan. 21 and his last day at the firm was Jan. 28.
“They also informed us that they had previously denied Mr. Gill’s request to do outside work, when he asked for permission to manage the portfolio of a family friend,” according to the spokesperson.
Galvin’s Securities Division also said it is “looking into whether or not MassMutual should have been aware of Mr. Gill’s activities.”
MassMutual could potentially face failure to supervise charges or sanctions from regulators including the Securities and Exchange Commission and Financial Industry Regulatory Authority.
Asked to comment on what Galvin’s spokesperson told ThinkAdvisor, a MassMutual spokeswoman on Thursday said only: “We continue to review the matter and have no further comment at this time.”
This remark is similar to what the MassMutual spokeswoman said on Wednesday when, asked if MassMutual was concerned about potential FINRA charges, she responded: “We are reviewing this matter and have no further comment at this time.”