GameStop dealer will inform Congress his advocacy as Roaring Kitty wasn’t for his personal revenue.
Keith Gill, the former director of wellness education at MassMutual, who campaigned for GameStop stock in his spare time, is ready to tell a House committee on Thursday that he has never offered any investment advice for a fee and “has no one to buy or sell the stock has prompted for my own benefit. “
The statement made no mention of Mr. Gill being a registered broker and licensed financial analyst while posting online through GameStop under the pseudonym Roaring Kitty and another pseudonym that contained a vulgarity.
In the five-page statement, Gill described himself as a true believer in the fate of GameStop, a video game retailer, and said his online posts about the company had nothing to do with his work at MassMutual. He portrayed itself as a one-person company struggling with wealthy hedge funds, some of which were short selling GameStop stock and betting on its collapse.
“The idea that I used social media to promote GameStop shares to ignorant investors is absurd,” said Gill in a statement his attorney gave to the House Committee on Financial Services prior to the hearing on speculative and aggressive trading Thursday had submitted month in shares of GameStop. “It was very clear to me that my channel was for educational purposes only and that my aggressive investment style probably wasn’t appropriate for most of the people who check out the channel.”
He said he shared his investment ideas online because he “had reached a level where I thought public sharing could help others”.
Mr Gill described himself as the average man on a modest income and practically unemployed for two years before joining MassMutual in April 2019. The statement went beyond how much money he made trading GameStop stock – though he said so, his family once said “we were millionaires”. Nor did he mention that the Massachusetts securities regulators are investigating whether his social media posts violated securities industry rules and regulations.
On Tuesday, Mr Gill and his former employer were named as defendants in a proposed class action lawsuit alleging that he misled retail investors who bought GameStop shares during their rally of 1,700 percent shares in order to incur losses when the stock quickly returned most of its gains. The lawsuit alleges that MassMutual and its brokerage arm failed to 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 spokeswoman for MassMutual said the company is looking into the matter with Mr. Gill.
Mr Gill is one of half a dozen witnesses due to testify at the hearing, which will focus on the impact of short selling, social media and hedge funds on retail investors and market speculation.