(Reuters) – Massachusetts Securities Regulators have issued a lawsuit seeking testimony from a YouTube streamer that helped drive a stake in GameStop Corp. as part of a review of his record, including his "external business activities" official said Wednesday.
The office of Commonwealth Secretary William Galvin issued the lawsuit on Monday, looking to hear from Massachusetts financial adviser Keith Gill later this month. Gill became known as "Roaring Kitty" on YouTube, which made it possible to buy shares from the video seller in colorful language. Until recently, he worked for the insurance giant MassMutual and is a registered broker.
Mr. Gill became a key figure in the so-called "Reddit rally", which saw that shares of GameStop increased 400% in a week before they crashed back to the levels before the surge. Volatility has also drawn scrutiny from US lawmakers, the White House, the Securities and Exchange Commission and the New York Attorney General.
MassMutual has informed regulators that they were "unaware of Gill's external activities and had previously denied a request from Gill to handle a family friend's portfolio" in response to a request from Mr Galvin's office, a spokeswoman for the Commonwealth Secretary said an email.
The company told regulators Mr. Gill announced Jan. 21
MassMutual and Gill did not immediately respond to a request for comment.
Mr. Gill will testify before Massachusetts Securities Division on February 26, according to the lawsuit.