Best Execution

What might have been a coincidental system glitch of an apparent freeze of E*Trade’s trading platform on May 13, 2024 following Keith Gill’s reappearance on social media, may have been intentional. Read more about the May 13 event, here. The Wall Street Journal reported on June 3, 2024, about internal discussions to ban Mr. Gill, famously known as “Roaring Kitty” online, from its platform to allegedly prevent market manipulation. If you have ever been locked out of your online brokerage platform, or ever received notice of an apparent ban, you should consult an Investor Protection law firm in New York, like Malecki Law.

Following Mr. Gill’s screenshot posted online this past weekend of his apparent portfolio, GameStop shares rose 21% in the morning of June 3, 2024. The screenshot displayed 5 million shares of GameStop worth nearly $116 million, with 120,000 call options purchased for $5.68 each, with a strike price of $20, expiring on June 21, 2024. Therefore, if Mr. Gill exercises the options, it will leave him with 17 million shares, making him the fourth biggest GameStop shareholder.

In 2021, Mr. Gill appeared at congressional hearings regarding gamifying stock trading and “meme stocks,” while Mr. Gill faced class action lawsuits. Currently, the recent uptick received backlash from other investors, including large GameStop short seller Citron Research. There are even discussions that Mr. Gill is not acting alone, as Citron points out that Mr. Gill’s alleged finances do not support his recent trade. If your broker recommended that you invest in meme stocks against your best interest, you should contact an expert FINRA lawyer, like the lawyers at Malecki Law in New York.

On May 13, 2024, E*Trade’s trading platform was down at market open, which caused its customers to be unable to sign in, halting their ability to buy or sell securities. Many retail investors took social media by storm about the event. If you were locked out of your online brokerage platform, you should consult an Investor Protection law firm in New York, like Malecki Law.

This may remind you of the GameStop short-squeeze and rise of Reddit investors during the wake of COVID, where a trading freeze ensued.

Keith Gill, who led the Reddit craze in 2021, also known as the “Roaring Kitty,” woke up from his social media nap and made his return by posting a picture on Sunday night of a man seemingly leaning forward in his video game chair, indicating the intent to become re-involved. Mr. Gill made a few other cryptic posts, one of which depicted a movie villain stating, “Fine, I’ll do it myself.”

Articles Posted in Best Execution

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