Massachusetts fines MassMutual $4.75 mln in ‘Roaring Kitty’ case

Link: https://www.reuters.com/business/finance/massachusetts-fines-massmutual-475-mln-failing-supervise-roaring-kitty-other-2021-09-16/

Excerpt:

A MassMutual investment subsidiary has agreed to pay $4.75 million to resolve allegations by Massachusetts securities regulators including that it failed to supervise its agents, among them the social media persona “Roaring Kitty,” whose online posts helped spark January’s trading frenzy in GameStop Corp (GME.N) shares.

Massachusetts Secretary of the Commonwealth William Galvin on Thursday said MML Investors Services failed to detect the activities of Keith Gill, who touted GameStop stock in his spare time while he was working at the company.

Galvin, the state’s top securities regulator, alleged MassMutual also inadequately supervised other agents and failed to review their social media usage or catch excessive trading in their personal accounts.

The company agreed to pay a $4 million fine to resolve those allegations and another $750,000 for failing to register 478 broker-dealer agents. It also agreed to overhaul its social media policies.

Author(s): Nate Raymond

Publication Date: 16 September 2021

Publication Site: Reuters

MassMutual Explores Near-Retiree Knowledge of Social Security Retirement Benefits During the COVID-19 Pandemic

Link: https://www.argus-press.com/news/national/article_5ecdc18f-9144-582e-9fd1-aeb1c64c8d90.html

Excerpt:

Just over one-third (35%) of near-retirees (age 55 to 65) failed and another 18% earned a grade of D on a basic knowledge quiz about Social Security retirement benefits, while only 3%, received an A+ by answering all 12 true/false statements correctly, according to the latest MassMutual Social Security consumer poll.

Even more startling, over a quarter (26%) of individuals age 60 to 65 have no idea of the full retirement age.

There is good news, however, and an improving trend.

A large majority (83%) are very knowledgeable about the consequences of receiving Social Security benefits before reaching their full retirement age. A whopping 94% know that if they take benefits before full retirement age, their benefits will be reduced as a result of filing early while 86% know that if they receive benefits before their full retirement age and continue to work, their benefits may be reduced based on how much they make.

Publication Date: 6 April 2021

Publication Site: Argus Press

MassMutual Under Investigation Over ‘Roaring Kitty’

Link: https://www.thinkadvisor.com/2021/02/04/state-regulator-probing-roaring-kitty-massmutual/

Excerpt:

Massachusetts’ top securities regulator, William Galvin, is looking into the actions of Keith Patrick Gill, the former MassMutual broker who played a key role in the trading frenzy surrounding video game retailer GameStop and other stock last week.

Gill is the person behind the Roaring Kitty YouTube streams that, combined with a string of posts by Reddit user DeepF***ingValue, drove a sudden increase in GameStop stock trading, slamming hedge funds that had bet against the struggling retailer.

“I can confirm our Securities Division sent an inquiry to MassMutual last Friday asking about Mr. Gill’s status,” a spokesperson for Galvin told ThinkAdvisor on Thursday.

Author(s): Jeff Berman

Publication Date: 4 February 2021

Publication Site: Think Advisor