Keith Patrick Gill, a.k.a. “Roaring Kitty,” an investor in Gamestop stock, has recently faced a lawsuit in the Eastern District of New York, accusing him of involvement in securities fraud. The legal complaint contends that Gill allegedly orchestrated a pump-and-dump scheme through social media platforms like X and Reddit. This scheme apparently involved persuading the public to buy Gamestop (GME) shares and then subsequently unloading a series of call options on GME. Gill’s online posts led to a surge in GME’s price, escalating from $17 to nearly $50 on May 13, which was the day prior to his initial social media activity signaling a renewed fascination with Gamestop. His posts on June 2 triggered a similar response, as he disclosed his possession of 5 million GME shares and 120,000 GameStop call options due to expire on June 21st, 2024.
