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After the chaos unleashed a few days ago on Wall Street by a Reddit group with shares of GameStop, some investors are not looking for who did it, but who pays it, and it seems that the “witch hunt” is about to begin and the first The target is youtuber Keith “Roaring Kitty” Gill, who will face a class action lawsuit.
The reddit-GameStop-Wall Street case seeks its first culprits
According to information from Gamesindustry.biz, the law firm Hagens Berman filed a class action lawsuit against Keith Patrick Gill, MML Investors Services, and Massachusetts Mutual Life Insurance Company. According to the information, the name of the youtuber and the aforementioned brands have come to light after the reddit-GameStop-Wall Street case as Gill is pointed out as an inciter of the purchase of GameStop shares amid the chaos that was generated after the operation of the WallStreetBets group.
Although many YouTubers spoke on the subject and recommended participating or not participating, the issue with Gill is that he had registered MML Investors Services as a representative and Massachusetts Mutual Life Insurance Company as director of financial well-being, so it is considered in the lawsuit that Both entities had a legal obligation to stop Gill after seeing him goad people to buy GameStop shares.
In this regard, the document states: “It caused huge losses not only to those who bought option contracts, but also to those who fell in love with Gill’s act and bought GameStop shares during the market frenzy at highly inflated prices. Deceptive and manipulative behavior de Gill violated not only numerous industry regulations and rules, but also various securities laws by undermining the integrity of the GameStop stock market. “
For his part, Keith “Roaring Kitty” Gill called the lawsuit absurd and stated: “I made it very clear that my channel was for educational purposes only and that it was unlikely that my aggressive style of investing would be suitable for most of the people who use it. they visited “.
Finally, it was revealed that, along with Keith Gill, the CEOs of reddit and Robinhood, they were called to testify before the United States Congress about what happened.
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