Trader Roaring Kitty is likely to be banned from E*Trade.
E*Trade, an online trading platform, It is considering banning Keith Gill, known as “Roaring Kitty”, from the platform. Concerns about stock price manipulation linked to GameStop (GME).
Gill, who is considered a key figure in the 2021 meme stock rally and GameStop short-selling squeeze, I bought a large amount of GME options on E*Trade before it unexpectedly returned to X last month. It sparked a surge in GameStop shares.
According to a June 3 report in The Wall Street Journal, a source familiar with the situation noted: Some of these options expired in the same week. It could potentially benefit Gill.
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E*Trade’s owner, Morgan Stanley, and the company itself are wary of: Gill’s influence could be used to inflate GME’s stock price for personal gain. They are assessing whether his recent posts on platforms like X and Reddit could be seen as manipulative.
The company is also considering that. Removing Gill could lead to a backlash. There is a possibility that other users will band together and close their E*Trade accounts. Like now, No final decision has been made; And the company may decide to take no action.
On May 13, after a three-year gap, Gil started posting secret messages to This increased meme stocks and meme coins.
On June 2, Gill returned to Reddit for the first time since 2021 and shared the following: A screenshot showing that he holds $181.4 million worth of GME stock and call options; I am betting that GME will reach at least $20 per share by June 21st. The post caused GME stock to surge more than 19% during Sunday night trading.
Gill continued posting to Reddit on June 3. His 5 million GME shares netted him a profit of $33.6 million and his options earned him a profit of $51.8 million.
Gill, who holds several securities industry licenses, was a registered broker with Massachusetts Mutual Life Insurance. The Massachusetts Securities Department is investigating his activities. According to a spokesperson.
According to Wall Street Journal sources, the U.S. Securities and Exchange Commission (SEC) was also reviewing GameStop call options trading around the time of Gill’s X post. The SEC We are discussing internally whether these transactions could be considered manipulation. However, it is unclear whether Gill is being specifically investigated.
It therefore raises concerns about market integrity that E*Trade is considering banning Gill from its platform as a regulatory investigation is reportedly ongoing.
In other news, Australian rapper Iggy Azalea recently revealed plans to burn Mother Iggy (MOTHER) tokens whenever a celebrity project is confirmed to be a scam.
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