The guy who started the Gamestop uprising is in deep trouble......

[jerp]

This may not be news to those who have followed the story but it just got worse for him. The Reddit guy who went under the alias "Roaring Kitty" portrayed himself as just an average-joe every-man investor. He said he wanted to "stick it to Wall Street" by encouraging investors to buy enough shares of Gamestop to kick-off a short squeeze. Well, it worked for a while but it turns out he is a licensed registered representative (securities broker) He also has a principal and supervisory management license and is a CFA (Certified Financial Analyst).
As someone who has been in this industry for a long time I can't even list all the regulatory violations here. On top of that he has now been hit with a class-action lawsuit by people who followed his advice and got clobbered or lost when covering their shorts. I wish there was a way to know how many "little guys" made money vs. lost money on GME. I assure you that even though a few hedge funds got hurt, the majority of the "big guys" made a killing off all the volatility

[meltingfeather]

Interesting to see what happens... there are two sides to the story and of course that side is the plantiffs' lawyers' version.

[jerp]

Interesting to see what happens... there are two sides to the story and of course that side is the plantiffs' lawyers' version.

Regardless if the lawsuit is successful, he broke all kinds of rules that govern licensed stockbrokers. He will be lucky if he just gets banned from the industry

[Shane]

Wow. Yeah, he's gonna be in deep doo-doo.

[Landrover]

This may not be news to those who have followed the story but it just got worse for him. The Reddit guy who went under the alias "Roaring Kitty" portrayed himself as just an average-joe every-man investor. He said he wanted to "stick it to Wall Street" by encouraging investors to buy enough shares of Gamestop to kick-off a short squeeze. Well, it worked for a while but it turns out he is a licensed registered representative (securities broker) He also has a principal and supervisory management license and is a CFA (Certified Financial Analyst).

As someone who has been in this industry for a long time I can't even list all the regulatory violations here. On top of that he has now been hit with a class-action lawsuit by people who followed his advice and got clobbered or lost when covering their shorts. I wish there was a way to know how many "little guys" made money vs. lost money on GME. I assure you that even though a few hedge funds got hurt, the majority of the "big guys" made a killing off all the volatility

Daggitt....I was hoping some 15 year old kid had smoked the big guys on this one. Yep, gonna get super ugly for him.

Sent from my SM-N986U using Tapatalk

[kch73]

Knew there was more to this "story" lmao!

[meltingfeather]

Regardless if the lawsuit is successful, he broke all kinds of rules that govern licensed stockbrokers. He will be lucky if he just gets banned from the industry

Such as?

[Johnny44]

Joe Biden is President, Martha Stewart went to jail, the rest will go to Hell.

[Duckhead78]

This may not be news to those who have followed the story but it just got worse for him. The Reddit guy who went under the alias "Roaring Kitty" portrayed himself as just an average-joe every-man investor. He said he wanted to "stick it to Wall Street" by encouraging investors to buy enough shares of Gamestop to kick-off a short squeeze. Well, it worked for a while but it turns out he is a licensed registered representative (securities broker) He also has a principal and supervisory management license and is a CFA (Certified Financial Analyst).
As someone who has been in this industry for a long time I can't even list all the regulatory violations here. On top of that he has now been hit with a class-action lawsuit by people who followed his advice and got clobbered or lost when covering their shorts. I wish there was a way to know how many "little guys" made money vs. lost money on GME. I assure you that even though a few hedge funds got hurt, the majority of the "big guys" made a killing off all the volatility

As Paul Harvey would say, " And now you know, the rest of the story."
I was truly hoping it was just a little guy sticking it to Wall Street.

[C-dubyah]

There are still a lot of questions going unanswered. I will be following and hope the correct actions are taken for anyone that broke the law.

[muzzlebrake]

If you read it on the internet then it must be true.

[donpablo]

Do you think there is enough TBHers to do something like this? Maybe we could pump a gun stock.

[sir shovelhands]

If you haven't watched his videos, you really should. He lays out his analysis and frequently says you should really do your own homework. The videos all end with a massive disclaimer as well, which is also in the notes section. I don't see him being liable for anything.

I should point out that he's posted 55 videos about GME since July. If you bought it during his first video, you'd STILL be looking at a return of 1000% to date. If you bought it during his 54th video, you would be breaking even.

These people suing him must have bought in after it skyrocketed, and want someone to blame for their risky investment that blew up in their face.

[txhunt7]

Could be he is in trouble but sad thing is he did nothing different than the other larger players.
Will Robin Hood be prosecuted? Will the cheatin hedge funds be prosecuted?
Go for one Go for all Equal justice

[txhunt7]

The people suing are idiots they had to know what they were buying. That should be thrown out