The MMTLP scandal is being recognized as one of the biggest Wall Street frauds of the decade.
One of the most recent scandals has been that of the ‘meme stock’ frenzy when broker firms, hedge funds, and even regulators colluded to stop AMC, GameStop, and other stocks from rising.
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.
Investors anticipated a long-awaited MMTLP short squeeze during the last few trading days prior to the spinoff — primarily due to big buying volume flooding the market to receive Next Bridge Hydrocarbon shares.
However, MMTLP stock stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning.
FINRA released the following statement:
“Effective Friday, December 09, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) halted trading and quoting in the Series A preferred shares of Meta Materials Inc. (OTC Symbol: MMTLP).
Pursuant to Rule 6440(a)(3), FINRA has determined that an extraordinary event has occurred or is ongoing that has caused or has the potential to cause significant uncertainty in the settlement and clearance process for shares in MMTLP and that, therefore, halting trading and quoting in MMTLP is necessary to protect investors and the public interest.
The trading and quoting halt will end concurrent with the deletion of the symbol effective Tuesday, December 13, 2022.”
“See also Form S1 Registration Statement for Next Bridge Hydrocarbons, Inc. stating that…immediately after the Spin-Off, all shares of Series A Non-Voting Preferred Stock of Meta shall be cancelled. Available here.”
Next Bridge Hydrocarbons Weighs In
In simple terms, FINRA’s only explanation was that the halt was due to ‘uncertainty’ in the settlement process which could harm investors and public interest.
And perhaps that’s true — though shareholders don’t think they were referring to retail investors at all, but rather FINRA’s private investors and institutional partners, the hedge funds.
Next Bridge Hydrocarbons released the following statement 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.
The Company believes that our primary means of delivering shareholder value is to develop our interests in the Orogrande Basin, and we remain focused on this objective.”
But investors remain confused as to what happened to their money which was frozen from trading prior to the delisting.
What’s happened with MMTLP has become one of the biggest Wall Street frauds in financial history.
Real People Have Been Affected
“It was the anniversary of my husband’s passing; it was a really hard time. My kids all understood what was happening with MMTLP, and it was hard for them to understand, it was hard for me to admit to my kids the depth of the dishonesty, and lying, and cheating, and stealing that goes on in our country”, says MMTLP investor Deborah W.
“I went through the 18 months of just stringing me and my family and everyone everybody with holding off on things that we might have wanted to do; vacations we wanted to take, because I didn’t want to pull any of the money out of what I had in. And MMTLP, I had liquidated other positions, I took every spare dime we had, and I put it towards MMTLP”, says Huck, another MMTLP investor.
FINRA placed a U3 halt on MMTLP on the final days before it was delisted.
It was one of three U3 halts in the OTC market in U.S. history.
The U3 halt froze MMTLP shares so shareholders couldn’t buy nor take their money out from the security.
MMTLP was delisted, robbing MMTLP investors of their money right in front of their eyes.
The delisting protected hedge funds from having to close their short positions right before shares of MMTLP stock began to rise, or squeeze.
Retail investors are naming the MMTLP scandal one of the biggest Wall Street frauds in financial history.
Investors lost their entire retirement funds and life savings in MMTLP.
Aside from the public announcements in the beginning of this article, FINRA nor the SEC have been able to explain truly what happened to investors shares of Next Bridge Hydrocarbons, or their money invested in MMTLP stock.
In the video below, MMTLP Studios goes over possible solutions the SEC and FINRA can take to make things better, along with other investor comments.
Were You Affected by the MMTLP Wall Street Fraud?
First, I’d like to say that my heart goes out to those affected by this unfair and unprecedented event in MMTLP.
Many investors in several communities are experiencing blatant manipulation in their favorite company stock in similar or their own unique way.
Raising awareness is the first step to getting the message seen.
I’ve seen and heard some of your stories through the community.
If you were affected by the MMTLP Wall Street fraud and would like to share your story, please feel free to comment it down below for other retail investors to see.
Share this article to get your voice and story heard.
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