AHE BB

Struggling for years, GameStop had a series of losses after losses and store closings. At the start of 2020, the group was worth only $ 253 million. For the vulture funds, the deal was done: GameStop was heading for bankruptcy, and several of them had opened significant short positions betting on bankruptcy. But that was without counting on the community of about a million atypical investors of Reddit WallStreetBets.

Keith Patrick Gill, 34, is accused in the complaint filed on Tuesday of hiding his sophisticated financial training and duping small traders into buying inflated stocks during the 'meme stock' bubble.

He bought large positions in GameStop shares more than a year ago, and had preached online about the opportunity to 'squeeze' hedge funds that bet massively against it.

Allowing a brokerage to have control over how and when a stock is traded is, simply put, insane. And by limiting transactions to sell-only, that same third-party brokerage dictated the direction of the stock price.

The fact is, this is one of the only times in history that a brokerage has taken it upon itself to only allow investors to sell and not buy, and certainly the only time where a brokerage took it upon itself to forcefully sell client spot positions in self-directed accounts.