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MassMutual fined $4 million in Massachusetts for failing to supervise ‘Roaring Kitty,’ agents By Reuters

by Mike Robinson

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© Reuters.

BOSTON (Reuters) – A MassMutual subsidiary has agreed to pay a $4 million fine to resolve allegations it failed to supervise agents including the social media persona “Roaring Kitty,” whose online posts helped spark January’s trading frenzy in GameStop Corp (NYSE:) shares, Massachusetts securities regulators said on Thursday.

The state’s highest securities regulator William Galvin (Massachusetts Secretary of the Commonwealth) said that MML Investors Services had agreed to revise its social media policies as well as undergo an independent compliance audit.

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