A group of prosecutors is suing Reddit user Keith Patrick Gill for alleged market manipulation of the GameStop stock (PDF).
Gill is said to have manipulated the stock price, causing its value to skyrocket in a short time.
GameStop's stock price skyrocketed a few weeks ago, after investors on the Reddit discussion forum called for stock to be bought.
They wanted to put a stop to so-called short sellers who profit from a fall in prices.
According to the indictment, Gill posed as a newcomer to the investment market while working in the financial sector.
Gill is a well-known figure on the WallStreetBets subreddit, the place where people called to buy shares, writes
He has been writing about the GameStop stock, value and own investments for over a year.
In YouTube videos, Gill explains why he thought the stock was undervalued.
Gill says that's why he bought his first GameStop stock back in 2019.
But according to the indictment, Gill's "amateurish appearance" on YouTube, Reddit and Twitter doesn't rhyme with his knowledge.
He is also said to have called his "army of fans" to market manipulation.
Gill: 'Advice was not intended for investors'
In a statement (pdf), Gill contradicts having an army behind him that could drive up the price.
He said he had 529 subscribers on YouTube and 550 followers on Twitter.
In addition, he says his advice was not intended for investors.
“I wasn't one of any groups trying to push the price up,” he writes.
According to Gill, he wanted to share his vision and talk to people about it.
The GameStop share price rose in January by more than 1,700 percent to 483 dollars (more than 400 euros).
Gill says he has earned $ 7.8 million from his stock.
The share has now fallen to a value of 46 dollars.
See also: Small investors get rich at the expense of hedge funds with GameStop