Both Bloomberg and WSJ failed to narrate the MMTLP story, one of the biggest cases of fraud in the market since the ‘meme stock’ events of ’21.
It’s no secret corporate media has bigger ties to Wall Street than they do Main Street.
But there’s foul play in just about every game there is to play, including one of the biggest money-making opportunity ones like the stock market.
Short sellers refer to pump and dump investors as market manipulators and long investors refer to spoofers and naked short selling companies as market manipulators.
They’re both right – truly.
When there’s a motive to pump a stock and rug pull no matter the cost to other people, it’s manipulative and deceptive — as is nefariously using institutional tools to overleverage short sales without actually owning them in order to profit from tanking stocks.
Levelheaded right?
And the proper thing for the referee to do is to make a mild or serious call on the actions of either party, the job of a regulatory agency such as the SEC or FINRA for example.
But writers over at Bloomberg and WSJ say that naked short selling is a myth and that investors affected by the MMTLP aftermath are just angry conspiracy theorists who hate short sellers, which is rather naive and unprofessional coming from writers and journalists with years of experience in the finance space.
And FINRA, a self-regulatory agency (the referee of the story) with no ruling body has claimed immunity from lawsuits and is refusing to provide a plaintiff with blue sheets that detail the trading activities alleged to contain illicit activity from institutions.
How is Main Street the problem here?
What the Media Outlets Didn’t Tell You
The truth is real people were affected by a fraud that was already happening behind the scenes prior to the U3 halt and delisting of MMTLP according to FINRA and SEC emails, but more specifically between Sam Draddy, Patricia Casimates, and Richard Boyle.
“Looks like this MMAT/MMTLP matter has now hit my Fraud team’s radar screen (and seemingly a lot of other radar screens as well). I know you have spoken to Patti Casimates and our General Council’s office — but was wondering if it made sense for my Fraud team to have a conversation directly with you and your folks working on the matter so we are not duplicating efforts.
We are looking at the two issuers from a fraud/manipulation angle and, in fact, bluesheeting both MMAT and MMTLP as we speak,” said Sam Draddy to the SEC on December 5th, 2022 — just days prior the U3 halt and delisting of MMTLP.
Sam Draddy is the Senior Vice President in FINRA’s National Cause and Financial Crimes Detection Programs, Market Investigations Team and head of FINRA’s Insider Trading, Market Fraud and Offering Investigations Units.
So, we know there was a clear and ongoing fraud investigation prior to the U3 halt of MMTLP, the question is why didn’t Bloomberg or WSJ touch topic on it?
“FINRA is dedicated to protecting investors and safeguarding market integrity in a manner that facilitates vibrant capital markets,” says the agencies website.
But FINRA did not protect investors from the fraud that was happening behind the scenes, so they instead halted trading of the ticker due to what they precedented would be an ‘extraordinary event’.
“FINRA is permitted under its rules to impose a quoting and trading halt in an OTC equity security where FINRA determines that an extraordinary event has occurred or is ongoing that has had a material effect on the market for the security or has caused or has the potential to cause major disruption to the marketplace or significant uncertainty in the settlement and clearance process,” the official FINRA FAQ reads.
No One Cares About Main Street
The truth is no one cares about Main Street, not Bloomberg, not WSJ, not Fox Business (with the exception of Payne).
Which means they’re never going to take Main Street’s side nor care enough to take fraud matters seriously, at least not from retail’s perspective.
Short and distort campaigns pay networks well and the collusion amongst beneficiaries is too great to destroy.
But this is exactly why big media is dying in some form; it’s tainted with an old way of thinking — something the public has begun to stray away from.
Matt Levine of Bloomberg says his number one key takeaway from the MMTLP scandal is that naked short selling is an imaginary problem.
How the 45-year-old columnist hasn’t figured out by now that naked shorting has been a real global talk and concern amongst several regulatory agencies, predominantly in Asia and Australia only proves how outdated the business model is.
To claim naked short selling is an imaginary problem in the markets paints a rather puzzling picture about who Bloomberg hires, if professionals at all.
Congressman Bill Posey wrote to FINRA CEO Robert Cook asking “to increase enforcement and penalties for naked short selling.”
Truth is the standard today.
To slander the MMTLP community by stating that the movement was a ‘Pump and Dump’ shows very basic research was conducted on the events.
There is Only the Truth
In the end, there is only the truth.
People don’t fight for make-beliefs; they fight for freedom, they fight for a righteous cause, they fight for truth.
History has shown this, and it has also always shed light on the truth.
Bloomberg and WSJ might have failed to narrate the MMTLP story, for reasons that aren’t necessarily important.
What’s important is that investors hold regulatory agencies accountable to their duties of service or demand for leaders who will.
FINRA and the SEC are not above the law.
You can read the real MMTLP story media outlets should have published here.
Share this article on every social media platform to spread your truth.
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