Hit With Lawsuit Ahead of Congressional Testimony

By Timothy Sykes

Last updated on April 18, 2022
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According to a lawsuit filed with the U.S. District Court of Massachusetts, Keith Gill, the Reddit user and YouTube streamer who started the GameStop Corp. (NYSE: GME) short squeeze frenzy, “is no amateur.”

Earlier reporting from the Wall Street Journal said that Gill, “recently worked in marketing for Massachusetts Mutual Life Insurance Co.”

However, the lawsuit alleges that Gill is a licensed securities professional. A search of FINRA’s website reveals a “Keith Patrick Gill” currently holds a Series 7, and 24 exam license and is currently employed by MML Investor Services, LLC.

According to FINRA, MML is the registered brokerage firm for MassMutual Financial Group among several others.

The lawsuit was filed by Christian Iovin of Washington state and proposes a class action against Gill, MML, and Massachusetts Mutual Life Insurance Co. Christian allegedly lost hundreds of thousands selling GME call options.

The filing went on to say that “Gill’s deceitful and manipulative conduct not only violated numerous industry regulations and rules, but also various securities laws.” “[Gill] caused enormous losses not only to those who bought option contracts, but also to those who … bought GameStop stock during the market frenzy at greatly inflated prices.”

The lawsuit became public the day before Gill and numerous other players involved in the GME short squeeze are set to testify before the U.S. House of Representatives Financial Services Committee.

According to the committee, all the parties — including Gill — are still scheduled to give testimony Thursday afternoon.

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Image: BCFC/Shutterstock.com

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Author imageTimothy Sykes
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