GME - Roaring Kitty's GameStop Trades Exploit SEC's Regulatory Gaps Experts Warn: 'This Is Obviously Market Manipulation' | Benzinga
Keith Gill, famously known as “Roaring Kitty,” is once again making headlines for his controversial trading activities involving GameStop Corp. (NYSE:GME).
What Happened: Experts raised alarm that Gill is leveraging a loophole in market regulations, The Wall Street Journal reported on Thursday.
Daniel Hawke, a partner at Arnold & Porter Kaye Scholer and former head of the SEC's market abuse unit, stated, "What he's doing is exploiting a gap in the rules."
"He is using his celebrity and influence to draw people to buy the stock. The rules that exist do not permit the SEC to prosecute that conduct unless there is an element of deception." Unlike traditional pump-and-dump schemes, Gill's posts do not explicitly endorse investing in GameStop or make claims about the company's financial health.
It remains unclear whether Gill has sold his shares or continues to accumulate a significant stake in GameStop. His actions do not constitute insider ...