SEC Chair Gary Gensler is now dodging MMTLP inquires from Congress after several letters have been sent without any update or response for the general public.
Congressmember Barbara Lee is the latest member of congress to request answers from Chairman Gensler on MMTLP.
On Monday, December 4, she sent the following letter:
“I am writing regarding an action taken by the Financial Industry Regulatory Authority (FINRA) on META Material’s Series A Preferred Shares (MMTLP).
This has been brought to my attention by a number of my constituents who have expressed concerns with the holding and status of their MMTLP shares.
On December 8th, 2022, FINRA halted trading of MMTLP and announced deletion of the MMTLP symbol five days later.
My constituents have expressed that as a result, they were left without clarity on the future of their investments.
The U.S. Securities and Exchange Commission (SEC) and FINRA have a responsibility to protect investors and safeguard the integrity of our public markets.
Given the financial distress constituents have experienced because of these decisions, I want to ensure that market decisions are being made by regulators in an efficient and transparent manner.
I request that you fully investigate the events surrounding the trading halt of MMTLP and ensure no wrongdoing took place.
Furthermore, I request that you make nay findings publicly available and that you to provide clear guidance to my constituents about what they should expect to occur regarding their current MMTLP holdings and under what timeline they should expect a resolution to take place.
I also ask that you identify any regulatory or legislative gaps that could be addressed to better protect investors and market integrity.”
In November, two letters were sent to both the SEC Chair and FINRA CEO on by two different members of Congress.
As of today, no public announcement has been made by SEC Chairman Gary Gensler on his findings regarding the inquires from Congress and retail investors.
This is a developing story.
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Other Market News Today
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.
Last month, 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.
Congress member Vicente Gonzalez wrote to SEC Chairman Gary Gensler also requesting answers on the MMTLP fraud.
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.
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