Reddit Trader Roaring Kitty Accused Of Fraud In The Latest Wild Lawsuit Coming Out Of GameStop Saga
Jonathan Ponciano, 17 February 2021
One of the most outspoken retail traders on Reddit’s WallStreetBets discussion board has been targeted in a proposed class-action lawsuit alleging the 34-year-old securities broker behind the widely followed “Roaring Kitty” persona committed securities fraud for misrepresenting himself as an amateur trader online while pumping up GameStop stock prices.
“As a licensed securities professional, including the period he was licensed by and associated with MML and MassMutual, Gill was obligated to follow various securities laws, [SEC] rules and regulations and FINRA rules,” the 38-page suit says. The suit specifically references five securities rules, including one that requires licensed securities professionals to observe “high standards of commercial honor and just and equitable principles of trade” while conducting business and another saying that their public communications–on social media included–should “be fair and balanced” and “not omit any material fact or qualification” if the omission could mislead investors.
