E*Trade plans to ban “Roaring Kitty,” from its trading platform
"Roaring Kitty," may be banned from the online trading platform E*Trade due to potential stock manipulation.
GameStop (GME) meme stock trader Keith Gill, popularly known as “Roaring Kitty,” may be banned from the online trading platform E*Trade due to potential stock manipulation.
Before his abrupt return to X last month, which caused GameStop shares to soar, Gill purchased many GME options on E*Trade. According to persons familiar with the situation, The Wall Street Journal reported that a number of these contracts expired that week and probably brought in money for him.
According to the sources, the company and its owner, Morgan Stanley, deliberate whether recent comments on X and Reddit qualify as manipulation since they are worried Gill would use his connections to push GME for his gain.
Additionally, they fear that by taking him down, it would come under scrutiny and that other people might cancel their E*Trade accounts in support of Gill. The Journal stated that no decision has been taken and the companies may choose to take no action.
Memes and meme coins surged on May 13 after trader Gill, credited with playing a significant role in the 2021 meme stock rally and GameStop short squeeze, started posting cryptically to X for the first time in three years.
A few weeks later, on June 2, Gill made his first Reddit post since 2021. In it, he shared a screenshot purportedly demonstrating that he was holding $181.4 million in GME stock and call options, with the wager that the company would trade at least $20 per share on June 21.
The latest frenzy over meme stock trading has thrust Keith Gill back into the public eye. His prior involvement in the GameStop trading scandal in 2021 sparked multiple class-action lawsuits and congressional probes.
Gill was accused of pretending to be a credentialed financial expert while acting like a beginner trader. MassMutual had employed him to work in marketing and financial education at the time.
Since Gill hasn’t posted on Reddit in three years, this is the reason for the recent surge in meme stocks. This tweet reignited the craze for meme stocks, drawing additional scrutiny from financial institutions and regulators. His recent actions have raised concerns over Gill’s trading activities’ morality and legality.
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