Investors now urge FINRA CEO Robert Cook to resign following talk around the departure of current SEC Chair Gary Gensler.
In Trump’s address at the Bitcoin 2024 conference in Nashville, Tennessee, he stated: “On day one, I will fire Gary Gensler.”
Investors are eager for the SEC Chair’s resignation and are now calling for FINRA CEO Robert Cook to also resign.
After the incidents that followed MMTLP, investor confidence has dropped significantly in the competence of self-regulatory agency FINRA.
More than 60,000 investors had their entire portfolios erased to $0 when FINRA halted trading of MMTLP and delisted the security.
This created an uproar by investors who have alleged conflicts of interest and fraud at the base of these events.
What’s unique about the MMTLP story is that investors have had no access to their funds since the halt — in other words, there’s no way of obtaining any of the money held in their accounts.
FINRA was never able to provide clear answers as to why they halted MMTLP — other than there being a possible risk to investors if they allowed to trade it.
Several congress members have been made aware of these fraud allegations and trading incidents.
Many of our reports have also been acknowledged by the Congressional Research Service.
However, not one resolution has been presented to the investor community.
“FINRA it’s not a government agency. It is a for-profit company,” says one investor on X.
“Lots of people should be fired and some people need charges brought against them…DTC/DTCC, FINRA, Market Makers like Citadel & Virtu, Hedge Funds and their media apparatus,” says another.
FINRA CEO Robert Cook has been under serious pressure and scrutiny from retail investors.
A new legal request by a plaintiff in the MMTLP community is requesting FINRA CEO Robert Cook to restart the trading of MMTLP in the OTC market for two days.
“By virtue of the US Supreme Court decision, Sloan, Traudt hereby requests of this court a Writ of Mandamus against FINRA CEO Robert Cook to immediately restart trading in MMTLP on the US OTC market for 2 days of buy-to-close to commence on or about 24 October 2024,” the filing said.
“Traudt makes reference to the proposed Writ of Mandamus filed at the incept of this action as the model, substituting only Cook for SEC Chairman Gary Gensler.”
The original filing made the requests from SEC Chair Gary Gensler and is now seeking action from FINRA CEO Robert Cook himself.
The investigations and legal matters continue to be a developing story.
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Also Read: A Former Official Now Says The SEC Is “Done”
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