Retail investor leader Gill sued for securities fraud
Retail investor leader Gill is being sued for securities fraud, with the plaintiff accusing him of promoting and dumping schemes on social media, secretly purchasing call options on GameStop, and promoting these assets on social platforms. He failed to disclose the purchase of securities when disclosing a large number of options positions, as well as the plan to sell recently purchased call options to the public
According to the website of the law firm Dynamis LLP, American retail investor "Roaring Kitty" Keith Gill, also known as "DFV", is being sued in the Eastern District of New York for securities fraud due to recent posts on social media platform "X" and Reddit about his ownership of shares in GameStop (GME.N).
The plaintiff alleges that Gill's posts on social platforms were part of a "pump and dump scheme", where he secretly purchased a large number of GameStop call options and used social media to "pump" these assets. It is claimed that he did not disclose his securities purchases before posting (making it seem like his first time considering buying GameStop after many years), and on June 2, 2024, he disclosed a significant options position without revealing his intention to sell the call options he recently purchased to the public