Earlier this week we found out Congress was getting involved in the MMTLP scandal through a leaked letter sent out to Meta Materials CEO George Palikaras; however, a new letter from Congress details an ongoing investigation into naked short selling and other market fraud.
Congressman Bill Posey said in a letter that he’s been hearing from a variety of constituents on retail’s concerns involving MMTLP.
“While we have yet to be given evidence that anyone acted unlawfully or unscrupulously in this matter, I believe the regulatory agencies have an obligation to investigate this matter,” said the Congressman.
But evidence has indeed surfaced.
Conversations between FINRA and the SEC confirm the regulators knew of the fraud that was occurring in ticker symbol MMTLP.
FINRA earlier this week tried to gaslight the public on the email leaks stating on social media that there was an ongoing phishing campaign involving fraudulent emails purporting to be from FINRA.
However, the emails from the transcripts are official government emails unlike the ones being described in FINRA’s divisive statements.
Congress Investigating Naked Short Selling
The following letter is going to break down the details of the acknowledgement and investigating of naked short selling in MMTLP by Congressman Bill Posey.
“Thank you for your letter asking that the Senate Banking Committee and the House Financial Servies Committee investigate circumstances surrounding FINRA’s suspension of trading MMTLP stock and to take action to ensure that all investors are treated fairly in the stock market.
I have been hearing from constituents who share your concerns.
While we have yet to be given evidence that anyone acted unlawfully or unscrupulously in this matter, I believe the regulatory agencies have an obligation to investigate this matter.
Their minimum obligation is to assure retail investors that our equity markets are transparent and fair to their interests.
I have urged FINRA to investigate and act on its findings.
I sent the following letter to President Cook of FINRA.
I have also let the leadership of the Financial Servies Committee, where I am a member, know that retail investors must be ensure the markets are fair to their interests – free of any manipulation or organized trading against their interests.
I will continue working to make this issue visible and urging the regulators to provide us with information we all need carry out our oversight and legislative responsibilities.”
Congress Reaches Out to FINRA CEO Regarding MMTLP U3 Halt
The following letter is from Congressman Bill Posey to FINRA CEO Robert Cook:
“Dear Mr. Cook:
These constituents are troubled by widespread reports of naked short selling, synthetic share creation, trading of the stock in dark pools, abusers of retail investors related to payment for order flow, and other perceived irregularities.
Many believe that FINRA suspended trading in the stock to protect short sellers and prevent their having to cover their short positions by purchasing shares.
These are positions that are also held by many investors who voice their views in online forums and in videos.
I believe that FINRA should act to provide clarity and transparency to those who, like my constituents, believe that the market may have been manipulated by large traders to the detriment of small retail investors.
FINRA actions can help assure these traders of the fairness and investor protection built into the exchanges.
We must ensure that our securities markets give small, retail investors the confidence they need to participate in supplying our firms with capital.
Please review the events related to trading in MMTLP leading up to suspension of trading and comment on the issues and concerns of investors including request from traders to eliminate payment for order flow, prohibit trading in so-called dark pools, recover, “failure to deliver (FTD)” shares within 30 days, and to increase enforcement and penalties for naked short selling.
When you have completed your review, please provide me with your findings and actions you expect to take to address issues and reassure traders.
Thank you for your attention to my request.”
This is Big News for the MMTLP Community
If the MMTLP community can bring this type of attention to Congress, other communities experiencing manipulation in their stock can too.
Congress is asking FINRA’s CEO to look into naked short selling and to increase enforcement and penalties for the practice.
We’re about to begin to see bigger investigations occur as culprits are brought to light one by one.
This is a developing story – join the newsletter below for the latest MMTLP stock news and updates.
Share this article with the community to raise awareness.
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