MassMutual fined for failing to monitor GameStop saga

Massachusetts is fining MassMutual $4 million after accusing the company of failing to supervise an employee whose online cheerleading of GameStop’s stock helped launch the frenzy that shook Wall Street earlier this year. The settlement announced Thursday by Secretary of the Commonwealth William Galvin centers on the actions of Keith Gill, an employee at a MassMutual subsidiary from April 2019 until January 2021. Under the nickname Roaring Kitty, Gill sent numerous tweets and created hours of YouTube videos championing GameStop and backed up his support with big personal trades. Regulators say MassMutual failed to follow policies meant to flag such actions. MassMutual neither admitted nor denied the regulators’ findings.