MMTLP investors have now had their money frozen for over 600 days and shareholders continue to inquire on what occurred.
Investors who held shares of MMTLP stock on the record date of December 12 would receive a preferred dividend of Next Bridge Hydrocarbon on Wednesday, December the 14th.
However, MMTLP stock stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning.
FINRA’s reasoning behind their decision to halt MMTLP was due to possible ‘uncertainty’ in the settlement process which ‘could harm investors and public interest’.
Next Bridge Hydrocarbons released the following statement at the time regarding the MMTLP halt.
“We recognize that some of our shareholders who owned Meta’s Series A Non-Voting Preferred Stock prior to the Spin-Off might have been affected by FINRA’s halting of the trading in that stock while the Company was still wholly owned and controlled by Meta.
The current board and officers of the Company have no information from FINRA regarding the Trading Halt other than the information in the public notice published by FINRA announcing the Trading Halt.
Further, FINRA did not provide any advance notice to the Company or Meta prior to its initiating the Trading Halt.
While we were not involved in the Trading Halt, we certainly empathize with anyone adversely affected by the Trading Halt and are assessing the matter.”
However, as of August of this year, MMTLP investors have not regained access to their shares or money.
SEC Chairman Gary Gensler has been heavily scrutinized for dodging inquires on MMTLP from congressmembers actively working on publicizing answers.
NOTE: Our MMTLP investigation reports have now been acknowledged by the Congressional Research Service.
Transcripts Reveal Fraud in MMTLP
FINRA responded to investors affected by the aftermath in March, but the retail community was left with many questions being unanswered.
Transcripts also surfaced revealing conversations between FINRA and the SEC regarding fraud in MMTLP, which mainstream media has not even touched.
“Looks like this MMAT/MMTLP matter has now hit my Fraud team’s radar screen (and seemingly a lot of other radar screens as well).
I know you have spoken to Patti Casimates and our General Council’s office — but was wondering if it made sense for my Fraud team to have a conversation directly with you and your folks working on the matter so we are not duplicating efforts.
We are looking at the two issuers from a fraud/manipulation angle and, in fact, bluesheeting both MMAT and MMTLP as we speak,” said Sam Draddy to the SEC on December 5th, 2022 — just days prior the U3 halt and delisting of MMTLP.
FINRA Knew of Manipulation Prior to Halts and Delisting
Sam Draddy is the Senior Vice President in FINRA’s National Cause and Financial Crimes Detection Programs, Market Investigations Team and head of FINRA’s Insider Trading, Market Fraud and Offering Investigations Units.
Transcripts insinuate that regulators knew manipulation was happening in MMTLP more than a year prior to the events that occurred in December of 2022.
“I believe it was Patti Casimates from our Market Ops group who reached out to (omitted).
I have included her on the email so you can reach out to her directly,” said Sam Draddy to the SEC on November 29, 2021.
Patricia Casimates is the Vice President of Market Operations for FINRA Transparency Services.
Her responsibilities include FINRA’s TRACE, Alternative Display Facility (ADF), and the OTC trade reporting facility.
In addition, she also manages OTC corporate action and dividend announcements.
Prior to Market Operations, Ms. Casimates was Deputy Director, in FINRA’s Market Regulation Department, overseeing surveillance for trade reporting, order handling, best execution, FIPS (Fixed Income Pricing System) as well as the real-time surveillance area, handling backing away complaints, and locked/crossed market issues.
Transcripts show that on December 2nd FINRA’s Market Fraud Investigations team received several tips that were also sent out to the SEC.
Both the SEC and FINRA were aware of the manipulation of MMTLP prior to investors losing everything.
The aftermath left many real people with nothing.
Investors had their retirement and savings funds in MMTLP, only to lose it all without warning from the regulatory bodies who knew this would happen to investors.
This continues to be a developing story.
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About The Author
Thank you for continuing to look in to this massive MMTLP fraud. I had (have) 3,540 shares and got hurt badly by what I consider outright theft. I am 69 years old and this hurt my retirement plans. I am by no means wealthy; I’m just a retail investor hoping to retire in better shape and leave more for my kids when I go.
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