Keith Gill Gets Sued for Securities Fraud, Fires Back With Bullish Stance
It's all fun and games until you're stuck holding a bag.
"I just like the stock" - Keith Gill, otherwise known as Roaring Kitty on YouTube and Twitter, says in GameStop testimony to congress.
Read his testimony here.
As the congressional hearing currently takes place, I can't help but laugh at all these crooked hedge fund managers deflecting questions by talking about their upbringing. It's absolutely legendary that Keith is still bullish on GameStop and believes the stock will make a turnaround. The true definition of 'diamondhands' and someone who taught us the meaning of conviction.
Mr. Gill was smacked with a lawsuit that accused him of misrepresenting himself as an amateur investor and profiting by pumping the price of the stock. A quote from the lawsuit says, "Gill’s deceitful and manipulative conduct not only violated numerous industry regulations and rules, but also various securities laws by undermining the integrity of the market for GameStop shares. He caused enormous losses not only to those who bought option contracts, but also to those who fell for Gill’s act and bought GameStop stock during the market frenzy at greatly inflated prices.”
Give me a break. First of all, everyone is responsible for their own money when they are buying and selling stocks. As someone who posts about stocks, sharing ideas and opinions are not buying and sell signals. If you don't manage your risk, you lose money sometimes—it's that simple. Second of all, the stock market has been manipulated by short sellers for years and now that retail rallies it's worth taking it to court? Short sellers have ruined the prospects of companies, and when retail put their hand in the pot they got caught with their pants down.
I think retail is here to stay, and us regular people can get rich off of the stock market. Since the start of 2020, retail trading as a share of overall market activity has nearly doubled from 15% to over 30%. I hope this doesn't get ruined for us, but until then we'll continue to post gifs and celebrate our winnings.
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