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MassMutual ensnared in GameStop drama

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Gill was due to testify to Congress Thursday about the “Reddit Rally,” which many hailed as the victory of everyday citizens against Wall Street hedge funds that had bet against GameStop and other struggling companies. The lawsuit accuses Gill of instigating the rally.

Gill denied breaking the law, pointing out in prepared statements from Congress that he used publicly available information to determine GameStop was undervalued, Reuters reported. He shared that view with a “tiny” social media outlet that followed ahead of the January rally, he said.

“The idea that I used social media to promote GameStop stock to ignorant investors is absurd,” Gill said on his testimonial. “It was very clear to me that my channel was for educational purposes only and that my aggressive investment style probably wasn’t appropriate for most of the people who check out the channel.”

In the lawsuit filed by Christian Iovin, a Washington resident who bought GameStop stock options, MassMutual and its subsidiary MML Investors Services were also named as defendants. MML Investors Services was employing Gill until Jan. 28, Reuters reported.

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The lawsuit alleges that MassMutual was required to monitor Gill’s activities as a registered agent. According to Reuters, MassMutual has notified Massachusetts regulators that Gill was unaware of Gill’s outside activities.

The lawsuit alleged that Gill bought GameStop stock for $ 5 and then used social media to increase the stock from about $ 20 in early January to over $ 400 in just two weeks, in violation of securities laws Market manipulation violates.

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