SEC Chairman Gary Gensler has failed to provide congress with a new MMTLP update, per the latest hearing.
What’s troubled most investors is that the SEC Chairman doesn’t seem to be taking this problem seriously.
Investors affected have been locked out of their money for over 250 days now after FINRA prevented shares from being traded two days prior to the final and notified date.
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.
“They have a lot of questions about what happened, the inability to sell the stock, and potential IRS implications. And to get answers on what happened, they’ve sent letters and made freedom of information requests of the SEC and I believe FINRA as well, and that as of this point, I don’t think we have the full response.
And you know that my office has engaged to get answers as well. Can you confirm that the SEC is reviewing the trading halt from December 2022 and will you commit to publicly releasing the SEC’s findings on this investigation,” said Senator Crapo.
Gensler points that FINRA sought the trading halt and didn’t seek the SEC’s advice or permission on it.
When questioned about the possibility of naked short selling and fraud in MMTLP, the SEC Chairman says he cannot disclose any current or possible investigations due to public protection.
Gensler says that investigations are only public if they settle or break charges during a company court.
“It helps protect the public and it helps protect individuals when we don’t bring charges,” says the Chairman.
But this loophole allows the public, as well as Congress, to remain hidden in the dark.
“I am a California native and have been in San Juan Capistrano for the most part of 48 years. I was a single mother of 2 now adult children.
I was a small business owner. I started working when I was 12 years old and didn’t stop until 5 years ago when I had what was supposed to be a simple spine surgery, unfortunately the neurosurgeon messed up during the surgery.
I have now had 3 brain surgeries and 6 spine surgeries trying to repair the damage. As a result I am permanently disabled, primarily bed ridden and wheelchair bound. In addition I just got out of the hospital Sunday with a pulmonary embolism.
I was fortunate that I purchased a private disability plan when I was in my 20’s so I was able to replace about half of my income, however that stops at 65-11 years from now. I was relying 100% on my existing investments to retire because with half the income and double the bills due, to my medical situation, it’s difficult to add to my retirement.
I purchased MMAT shares in mid 2021 but didn’t purchase MMTLP shares until early November 2022. I called TD Ameritrade the first week of December 2022 asking what I needed to do in order to transfer my shares to AST if I decided to not sell my shares and when was my last day, I was told the 12th but when I called on the 9th and 12th I was told that my shares were chilled and I could do nothing with them, I couldn’t even transfer them from my IRA to my Roth.
Over the next few months I called and emailed TD many times and got different answers each time I reached out. I called and emailed FINRA, SEC, FBI, DOJ, AST, Politicians offices you name it, I reached out, all I got was the run around or ignored. Everyone just kept telling me to call the other 3-4 letter agencies, and this went on for months.
I do not have all of my retirement funds invested in MMMTLP but I have some and those funds have been locked up for 272 days so far with no end in sight. Unfortunately this ticker is not the only one affected by counterfeit short sellers.
My entire portfolio has been affected by this systemic problem-80% gone in the last 3 years. And no, I did not invest in what the media and apparently now the CRS likes to call “meme stocks”. I am not a day trader, I invested for long term, I invested in companies with innovation and great current and future potential..,” Michelle, 54, told FrankNez in an email.
This is a developing story.
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