At Extreme Investor Network, we are always on top of the latest news and developments in the world of finance. Recently, there has been some buzz surrounding E-Trade and its internal discussions about potentially banning Keith Gill, the meme stock trader behind the GameStop frenzy, from their platform due to concerns of market manipulation.
Gill, known as “DeepF——Value” on Reddit, caused GameStop shares to soar after revealing his large holdings of 5 million shares and 120,000 call options with a strike price of $20. As the brokerage owned by Morgan Stanley considers its next steps, many are closely watching how this situation unfolds.
While E-Trade has not made a decision yet, the firm’s global financial-crimes unit and external counsel are evaluating the situation. This comes after it was discovered that Gill had purchased call options prior to posting about them on social media, potentially profiting from his own actions.
The meme stock craze of 2021 has brought increased scrutiny to the practices of retail stock traders and brokers alike. Gill, who has faced class action lawsuits and testified before Congress, has been at the center of this debate. His background as a marketing and financial education employee at MassMutual has also come under scrutiny.
Stay tuned to Extreme Investor Network for more updates on this story and other news impacting the world of finance. We provide unique insights and analysis to help you navigate the ever-changing landscape of investment opportunities. Subscribe to our newsletter to stay informed and make informed decisions for your financial future.