Wilmington's Keith Gill Testifies Before State Regulators: Report

Wilmington MA

04 March, 2021

1:20 PM

Description

WILMINGTON, MA — Wilmington Gamestop investor Keith Gill testified before the Massachusetts Securities Division Wednesday, the Boston Globe reported. The meeting was not open to the public. The state regulator is investigating whether Gill's advocacy of the videogame retailer's stock constituted work. As a registered broker who at the time worked for MassMutual, Gill was required to tell his employer about outside business activities. >>Read more from the Boston Globe Gill turned an initial $53,000 investment in Gamestop into millions of dollars when the stock exploded in value in Jan. He made his case for the stock in Youtube videos, as The Roaring Kitty, and on Reddit using another, more profane name. In a Feb. 18 appearance before congress, Gill reiterated his belief in Gamestop's prospects and defend himself against charges that he broke the law in his advocacy of the stock. "I did not solicit anyone to buy or sell the stock for my own profit," Gill said in written testimony. "I did not belong to any groups trying to create movements in the stock price. I never had a financial relationship with any hedge fund. I had no information about GameStop except what was public. I did not know any people inside the company, and I never spoke to any insider." In his most recent Reddit update, at the end of February, Gill's account showed $26.5 million total value, including increased Gamestop holdings. "I like the stock," he told Congress. Christopher Huffaker can be reached at 412-265-8353 or [email protected].