In a broad ranging article about trading in GameStop securities and Keith Gill, also known as Roaring Kitty, Bloomberg interviewed Pillsbury Corporate Investigations & White Collar Defense partner David Oliwenstein about whether the Securities Exchange Commission (SEC) will provide oversight to the meme stock phenomenon.

Oliwenstein, who formerly worked with the SEC’s Division of Enforcement, explained that “what the government would need to show to pursue a market manipulation theory is manipulative intent.”

While Gill has taken to X and has used videos and memes seemingly unrelated to GameStop, Oliwenstein noted his behavior is in “uncharted territory.”

“The elements of a market manipulation claim remain unchanged. It’s a matter of taking the current fact pattern to prove manipulative intent,” he noted. “It’s safe to assume that the SEC will at least take a hard look at the trading.”

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