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Keith Gill's GameStop Trades Pose Conundrum for Market Cops
Keith Gill placed a big bet on GameStop, then single-handedly moved the stock higher by returning to social media. Was that market manipulation?Lawyers say it is unlikely that the Securities and Exchange Commission could bring a case against Gill, the meme-stock influencer known as Roaring Kitty, based on the facts currently known about his trading.For the SEC to sue Gill for manipulation, it would need evidence that he deceived the market in some fashion. But there is nothing clearly deceptive about Gill's tweeting of cryptic memes or revealing the size of his GameStop position. It has reached a whopping $260 million in shares and options contracts, according to a post on his Reddit account on Monday afternoon.Gill, a former registered stockbroker, is likely to have a solid understanding of regulations governing stock trading. He holds several securities-industry licenses, and a decade ago he was the chief compliance officer at Lucidia, a New Hampshire-based in
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