The Justice Department’s fraud section and the San Francisco US attorney’s office have been investigating the case and interviewing brokers and executives of social-media companies that were centers of the trading frenzy, the report said on Thursday.
Federal and state prosecutors in the investigation have subpoenaed information from brokers including Robinhood Markets, a popular online brokerage that many individual investors used to trade GameStop and other shares, the report said.
GameStop shares soared from around $20 to $483 over just two weeks in January but now the stock has fallen back to a value of around $50 per share, the report added.
In a separate investigation, the Commodity Futures Trading Commission has initiated a preliminary investigation into whether misconduct took place when traders communicating via Reddit targeted silver futures and the largest exchange-traded fund tied to silver, the iShares Silver Trust, according to the report.