Investors are now calling for the congressional scrutiny of FINRA for illegal practices following the surfacing of new data.
A recent investigation has revealed troubling evidence suggesting that the Financial Industry Regulatory Authority (FINRA) may be engaging in antitrust activities while operating as a de facto exchange.
This assertion comes from an ongoing inquiry by MMTLP community members that has compiled significant documentation, highlighting FINRA’s operations in multiple undisclosed trading venues.
According to sources, FINRA has been misrepresenting its role in the marketplace, particularly in relation to hidden market centers such as OTCC, OTCBB, XADF, and OTC-UTP.
These venues have reportedly been utilized for trading MMTLP, a security that has raised concerns within the financial and retail investor community.
Despite key data from Bloomberg being available for nearly two years, the implications of this information have only recently surfaced.
The investigation points to FINRA’s anti-competitive practices, asserting that the authority operates various undisclosed trading platforms that obscure its true role in the market.
The misclassification of MMTLP as a bond, as reported by Bloomberg on December 8, 2022, has raised further questions.
This misrepresentation prompted an immediate inquiry into the nature of these securities and the implications of the hidden trading centers.
Questions have arisen regarding the classification of MMTLP, particularly about why it was labeled as a bond.
The confusion surrounding OTCC and other trading venues has contributed to a lack of transparency.
“FINRA’s actions are clouding the real share count and trading actions,” says MMTLP investor and retail activist Anna Trades.
The implications of FINRA’s actions extend beyond simple misclassification.
By operating as both a market regulator and a venue operator, FINRA may be violating antitrust laws.
These hidden practices have distorted the market and contributed to significant consequences, including the bankruptcy of Meta Materials and enabling illegal trading activities.
Despite the availability of critical information to some members of the community, there has been a notable lack of action or dissemination of this data.
This inaction raises further concerns about the oversight and accountability of regulatory bodies like FINRA.
As investigations continue, there is growing pressure for Congress to scrutinize FINRA’s practices and address the potential antitrust violations that could undermine market integrity.
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Also Read: FINRA CEO Is Now Under Pressure On The MMTLP Case
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