{"id":340274,"date":"2021-09-16T23:02:32","date_gmt":"2021-09-16T20:02:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/massachusetts-fines-massmutual-4-75-million-over-roaring-kitty-case\/"},"modified":"2021-09-16T23:02:32","modified_gmt":"2021-09-16T20:02:32","slug":"massachusetts-fines-massmutual-4-75-million-over-roaring-kitty-case","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/massachusetts-fines-massmutual-4-75-million-over-roaring-kitty-case\/","title":{"rendered":"#Massachusetts fines MassMutual $4.75 million over \u2018Roaring Kitty\u2019 case"},"content":{"rendered":"<p>&#8220;<strong>#Massachusetts fines MassMutual $4.75 million over \u2018Roaring Kitty\u2019 case<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>A MassMutual investment subsidiary has agreed to pay $4.75 million to resolve allegations by Massachusetts securities regulators including that it failed to supervise its agents, among them the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> persona \u201cRoaring Kitty,\u201d whose online posts helped spark January\u2019s trading frenzy in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a>Stop shares.<\/p>\n<p>Massachusetts Secretary of the Commonwealth William Galvin on Thursday said MML Investors Services failed to detect the activities of Keith Gill, who touted GameStop stock in his spare time while he was working at the company.<\/p>\n<p>Galvin, the state\u2019s top securities regulator, alleged MassMutual also inadequately supervised other agents and failed to review their social media usage or catch excessive trading in their personal accounts.<\/p>\n<p>The company agreed to pay a $4 million fine to resolve those allegations and another $750,000 for failing to register 478 broker-dealer agents. It also agreed to overhaul its social media policies.<\/p>\n<p>MassMutual did not admit wrongdoing and said it was \u201cpleased to put this matter behind us.\u201d<\/p>\n<p>Galvin\u2019s inquiry into Gill remains pending. His lawyer did not respond to a request for comment.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/massachusetts-fines-roaring-kitty-employer2.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"William Galvin standing in front of a microphone at a podium\" class=\"wp-image-19479755\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/massachusetts-fines-roaring-kitty-employer2.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/massachusetts-fines-roaring-kitty-employer2.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/massachusetts-fines-roaring-kitty-employer2.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Massachusetts Secretary of the Commonwealth William Galvin said MML Investors Services failed to adequately supervise its agents, including Keith \u201cRoaring Kitty\u201d Gill.  <\/figcaption><figcaption><span class=\"credit\">Media<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> Group via Getty Images<\/span><\/figcaption><\/figure>\n<p>Gill, known as \u201cRoaring Kitty\u201d on YouTube and \u201cDeepF***ingValue\u201d on Reddit, was a key figure in the so-called \u201cReddit rally,\u201d which saw shares of GameStop surge 400% in a week before crashing back to pre-surge levels earlier this year.<\/p>\n<p>He began sharing his positions on Reddit\u2019s popular Wallstreetbets trading forum in September 2019, posting a portfolio screenshot indicating he had invested $53,000 in GameStop.<\/p>\n<p>By late January, Gill, 35, was up over 4,000% on stock and options investments in the company, with his GameStop position plus cash worth nearly $48 million, according to his Reddit posts.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/massachusetts-fines-roaring-kitty-employer3.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Reddit logo is displayed on a smartphone with a GameStop logo in the background in this photo illustration\" class=\"wp-image-19479811\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/massachusetts-fines-roaring-kitty-employer3.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/massachusetts-fines-roaring-kitty-employer3.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/massachusetts-fines-roaring-kitty-employer3.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Roaring Kitty\u2019s posts on Reddit\u2019s popular Wallstreetbets trading forum helped spark a trading frenzy in GameStop stock. <\/figcaption><figcaption><span class=\"credit\">NurPhoto via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>At the time, Gill worked at MassMutual in a marketing and financial education job and was a registered financial broker in Massachusetts.<\/p>\n<p>State regulators found MassMutual failed to detect nearly 1,700 trades by Gill, who was able to execute at least two trades in GameStop in excess of $700,000, beyond a company limit.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Massachusetts Secretary&#8230;<\/p>\n","protected":false},"author":1,"featured_media":340275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/massachusetts-fines-roaring-kitty-employer.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[116043,72128,70939,70934,76006,71407],"class_list":["post-340274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-16-21","tag-gamestop","tag-massachusetts","tag-regulation","tag-securities","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/340274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=340274"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/340274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/340275"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=340274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=340274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=340274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}