A Massachusetts Mutual Existence Insurance coverage Co. subsidiary agreed to pay a $4 million wonderful to settle an inquiry from Massachusetts securities regulators into the social-media and buying and selling process of its staff, together with well known GameStop Corp. investor Keith Gill.

Mr. Gill, referred to as “Roaring Kitty” on YouTube and “DeepF—ingValue” on Reddit, became an Internet folk hero in January, because of his prescient bets on GameStop inventory. For months main as much as the GameStop buying and selling frenzy in January—right through which nonprofessional buyers sent the company’s shares soaring to a document prime—Mr. Gill posted movies and messages discussing why he used to be hanging huge sums of cash into the inventory.

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