Category: MMTLP (Page 1 of 2)

SEC Now Aims To Guide Asia on Illegal Short Selling

The SEC now aims to guide Asia on illegal short selling, which has raised many concerns primarily back in U.S soil.

The Securities and Exchange Commission has failed to tackle the root of the problem back at home, prompting investors to question the SEC’s authority overseas.

Bangkok Post reports that the Securities and Exchange Commission has asked the Association of Securities Companies (ASCO) members to “adjust their short sell guidelines based on the SEC’s instructions.”

Asco has reaffirmed “there is no naked short selling on the Thai exchange.”

Asco president, Pichet Sithi-Amnuai said the Stock Exchange of Thailand (SET) has regularly examined short selling in cooperation with Asco, and has confirmed there is no naked short selling.

SEC Secretary-General Pornanong Budsaratragoon said the regulator asked Asco members to adjust their short selling guidelines based on a notice from the SEC.

Asco on the other hand suggested the SEC look into the low commission fees offered by some brokers back at home to ensure a level playing field among investors.

SET President Pakorn Peetathawatchai said, “the Thai stock exchange will not allow naked short selling to take place.”

“If anyone is found using this method, we will punish them severely.”

Public perception of such trading practices in the Asian nation remains deeply negative, with local retail traders staging protests against these activities from time to time.

In the United States, naked short selling continues to be a big problem.

In September, Citadel Securities was charged for illegal short selling violations by the SEC.

However, entities such as Citadel merely ‘pay a fine to play’.

Asia has a much stronger protection policy for its investors against naked short selling compared to the United States, earning the respect from investors overseas.

Also Read: “The Game is Rigged”, Says Ex-Citadel Data Scientist

Companies Affected by Naked Short Selling in The United States

Market News Today - SEC Now Aims To Guide Asia on Illegal Short Selling.
Market News Today – SEC Now Aims To Guide Asia on Illegal Short Selling.

Since the ‘meme stock frenzy’ of 2021, retail investors have raised concerns of naked short selling in GameStop and AMC Entertainment stock.

Ex-Citadel data scientist Patrick McConlogue says Citadel and others were able to make their money back during the trading halts, cheating investors out of their money.

Stocks such as AMC and MULN (Mullen Automotive) have been on the NYSE Threshold Securities List many times over, a clear sign a stock is being manipulated by naked shorts, says Yahoo Finance’s Jared Blikre.

A recent case that has taken regulators by a surprise is that of the MMTLP scandal.

Investors allege the strong probability of illegal short selling in the ticker after transcripts between the FINRA and the SEC were leaked of a fraud investigation that was occurring just moments before the U3 halt and delisting of MMTLP.

Companies such as Genius Group, FingerMotion and Global Tech Industries have also been open about illegal short selling investigations.

As more businesses come forward about the market injustices they are experiencing within their company’s stock ticker, the more we begin to realize just how bad the US fraud in the stock market is.

Also Read: For Five Years Citadel Marked Short Sales As Long

Market News Published Daily 📰

Market News Today - SEC Now Aims To Guide Asia on Illegal Short Selling.
Market News Today – SEC Now Aims To Guide Asia on Illegal Short Selling.

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A Massive Group of Investors Will Now Occupy FINRA

A massive group of investors will now occupy FINRA offices and locations across the United States on Friday, December 8.

#OccupyFINRA sheds light on the anniversary of the MMTLP U3 halt that occurred last year, just days before the deletion of the ticker.

Investors have raised awareness of the market injustice that caused families to lose their homes and much worse when their money became trapped.

It’s been nearly a year now with no resolution from U.S. regulators.

Congress has been very proactive thanks to thousands of investors calling their representatives in what has been one of the most organized Main Street events in history.

Two letters were recently sent to the SEC Chair and FINRA CEO on Tuesday and Wednesday of this week from two different members of Congress.

On Tuesday, Congress member Jared Huffman wrote to Gary Gensler and FINRA CEO Robert Cook describing constituents who are experiencing financial distress as a result of FINRA’s trading halt of MMTLP.

“They [The Constituents] are requesting affirmation that SEC and/or FINRA acted within their regulatory authority and operated under standard practices by issuing the trading halt, and a written response outlining what they can expect to occur with regard to their current holdings, including timelines,” said the Congress member.

On Wednesday, Congress member Vicente Gonzalez wrote to SEC Chairman Gary Gensler also requesting answers on the MMTLP fraud.

More than 40,000 letters have been sent to Congress this year, with several of our reports on the matter now being cited by an official Congressional report.

Congress is very well aware of investors’ concerns.

It’s important to note that any protests occurring next month is suggested to remain peaceful and investors should practice safety.

Investors participating in Occupy FINRA can access all FINRA offices and locations here.

This is a developing story.

Repost this story on X.

Also Read: A Senator Now Puts Pressure on FINRA Regarding MMTLP

Market News Published Daily 📰

Market News Today - A Massive Group of Investors Will Now Occupy FINRA.
Market News Today – A Massive Group of Investors Will Now Occupy FINRA.

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Congress Interest in The MMTLP Fraud Grows Per New Letters

Congress interest in the MMTLP fraud grows per new letters sent to SEC Chairman Gary Gensler.

Two letters have recently been sent to the SEC Chair and FINRA CEO on Tuesday and Wednesday of this week from two different members of Congress.

On Tuesday, Congress member Jared Huffman wrote to Gary Gensler and FINRA CEO Robert Cook describing constituents who are experiencing financial distress as a result of FINRA’s halt trading of MMTLP on December, 8, 2022, just days before the deletion of the ticker on December 13, 2022.

“Some of my constituents are seeking information on why this action was taken and the future state of their investments.

They are requesting affirmation that SEC and/or FINRA acted within their regulatory authority and operated under standard practices by issuing the trading halt, and a a written response outlining what they can expect to occur with regard to their current holdings, including timelines,” said the Congress member.

On Wednesday, Congress member Vicente Gonzalez wrote to SEC Chairman Gary Gensler also requesting answers on the MMTLP fraud.

“I have heard from many of my constituents in South Texas who were adversely affected by this decision. I believe it is imperative that, as public officials and offices, we maintain a transparent process..

As a Member of the House Financial Services Committee, I take an active interest in ensuring transparency and the proper regulations are in place to protect investors and maintain efficient markets.

That is why I urge you to investigate the events surrounding the trading halt of MMTLP and ensure no wrongdoing took place. I also ask that you make the findings available to the public,” said the letter.

As of today, MMTLP investors remain hidden in the dark from our regulators.

This is a developing story — follow me on X (Twitter) for more news and updates like this.

Also Read: A Senator Now Puts Pressure on FINRA Regarding MMTLP

Market News Published Daily 📰

Market News Today –

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FingerMotion Now Provides New Update on Short and Distort Lawsuit

FingerMotion now provides a new update on the short and distort lawsuit against Capybara Research and other news outlets.

“On October 19, 2023, FingerMotion filed a federal lawsuit in the United States District Court for the Southern District of New York against Capybara, a firm recently created and that enjoyed anonymity through various social media postings without any trail as to ownership while antagonizing our retail investment community by posting lewd and unprofessional graphics, intended to further embarrass the Company,” says the report.

After many weeks of investigation, the company says it is pleased to announce that they have successfully identified the person responsible for the “malicious” reports.

The company says that it is taking all the necessary steps to add this individual’s name to the lawsuit and to serve them individually.

Furthermore, FingerMotion will also be adding news outlet ‘Benzinga’ to its federal lawsuit for republishing and continuing to share Capybara’s false information.

“We are committed to legally pursuing the Capybara short and distort campaign as well as all media outlets that irresponsibly reported the false, misleading and defaming Capybara Report,” said Martin Shen, CEO of FingerMotion.

FingerMotion (FNGR) stock is currently down more than -29% in the past month and up more than +63% this year-to-date.

This is a developing story.

Also Read: Hedge Funds Will Now Disclose Which Companies They Short

Other Stock Market News Today

Market News Today - FingerMotion Now Provides New Update on Short and Distort Lawsuit.
Market News Today – FingerMotion Now Provides New Update on Short and Distort Lawsuit.

South Korea regulators now probe into illegal short selling trades by global investment banks in efforts to root out manipulation.

Banks that have conducted short-selling trades most frequently in South Korea will be subject to the investigation that would start in November.

The regulator said it will collaborate with watchdogs in Hong Kong and Singapore for its probe, per BusinessTimes.

The FSS will “hold those responsible” and ensure “naked short selling practices don’t take hold,” the statement said.

Naked short-selling refers to the practice of selling shares that an investor doesn’t own and hasn’t borrowed.

The agency will look into all short-selling transactions since May 2021 when the country partially lifted a ban that was imposed during the pandemic.

The watchdog will also review the short-selling consignment order processes of Korean brokerages to establish if they were aware of illegal naked short selling by global investment banks.

A special 20-person investigation team will be launched on Nov 6, the FSS added.

Public perception of such trading practices in the Asian nation remains deeply negative, with local retail traders staging protests against these activities from time to time.

In the United States, naked short selling continues to be a big problem.

In September, Citadel Securities was charged for illegal short selling violations by the SEC.

According to the SEC’s order, for a five-year period, it is estimated that Citadel Securities incorrectly marked millions of orders, inaccurately denoting that certain short sales were long sales and vice versa.

“Compliance with the order marking requirements of Reg SHO is a key component of regulatory efforts to curtail abusive market practices, including ‘naked’ short selling,” said Mark Cave, Associate Director of the SEC’s Division of Enforcement.

Also Read: “The Game is Rigged”, Says Ex-Citadel Data Scientist

Market News Published Daily 📰

Market News Today - FingerMotion Now Provides New Update on Short and Distort Lawsuit.
Market News Today – FingerMotion Now Provides New Update on Short and Distort Lawsuit.

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