Keith Gill Drove the GameStop Reddit Mania. He Talked to the Journal.

Daal said:
I dont think DeepFuckingValue will be fined or arrested, he seemed to have a very deep value oriented reason to be in the stock. Also, he started lots of videos with a big disclaimer
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the problem is the classification of "financial advisor" by state regulators

if you hold public lectures or webminars on "investing" with certain stocks being promoted, you are regarded as an "advisor" and must register in your state
 
Daal said:
I think the fact that he focused so much on GME wasnt some evil intention to generate a squeeze (even though, the squeeze was a small part of the thesis) but rather, it was because it was already his largest position when it was trading at $4. When it shot up, it really dominated his portfolio and he wanted to focus on that. Is this illegal in the US?
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He is at around USD 40 million now according to WSJ. Have you seen somewhere what the value of his initial investment was? I believe I saw a screen shot of positions worth around 56,000 USD, but I am not sure.
 
Maverick2608 said:
He is at around USD 40 million now according to WSJ. Have you seen somewhere what the value of his initial investment was? I believe I saw a screen shot of positions worth around 56,000 USD, but I am not sure.
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I dont know the value but in a July video he said GME was his largest position at ~5%
 
Baron said:
Hey, I'm just speculating. I could be completely wrong about it all. But given the extreme movement in the stock and the publicity it has created, my gut feeling is that the SEC is going to drop the hammer on someone.
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Would there be any difference between whether he was charging for advice or not charging for advice?
 
you should also know that if you are giving investment tips to your friends, in most states you might be asked to register as an "investment advisor"
 
Butterfly said:
if you are a registered professional working for an asset management firm and you are posting on ET, you have to report your "social media" activities to your compliance department if it involves any trading topics that violate certain internal policies in place. If you don't, you could get fired. If compliance didn't supervise you regarding those activities, they will be fined eventually for failing their supervision guidelines. The SEC is taking this shit very seriously, and they are watching. This is not the same SEC before Madoff.
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