Congress is now cracking down on the MMTLP fraud scandal that has affected tens of thousands of investors after the self-regulatory body, FINRA, halted trading prior to delisting.
Investors were prohibited from taking their money out two days prior to the delisting of MMTLP due to an unprecedented U3 halt.
Since December of 2022, investors have urged FINRA for blue sheets, but the request was denied.
In July, a total of 15 congress members requested an MMTLP update from SEC Chairman Gary Gensler relating to fraud allegations that stemmed from the U3, which resulted in disastrous losses for investors.
More than 40,000 MMTLP letters have been sent to Congress this year, with several community members making phone calls daily — their actions have now paid off.
On September 12, Senator Mike Crapo questioned Gensler on whether an investigation was happening on MMTLP, or whether details of what occurred with MMTLP would be released at some point.
While the SEC Chair failed to provide any helpful answers, momentum is growing for the community.
Now the Financial Services Committee is having a meeting on Thursday to identify what the next steps are in terms of finding a solution for the MMTLP scandal.
“The Financial Services Committee to determine next steps. At this point, we feel it’s most helpful to have a coordinated response (FINRA / SEC listens to requests from the Committee much more than an individual member).
I have a meeting on Thursday with the Committee to discuss next steps and will raise every suggestion you made below. Our goal is your goal – get answers and solutions,” said a member from the Financial Service Committee.
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