MMTLP shareholders are demanding FINRA to release the blue sheets, also known as EBS (electric blue sheets).
So, what are the blue sheets?
Electronic Blue Sheet (EBS) data files, which contain both trading and account holder information, provide regulatory agencies with the ability to analyze a firm’s trading activity.
Firms are expected to provide complete, accurate and timely Blue Sheet data in response to regulatory requests.
Incomplete, inaccurate and untimely Blue Sheet data compromises regulators’ ability to identify individuals engaging in insider trading schemes and other fraudulent activity.
MMTLP shareholders want insight as to what type of trading activity was occurring, that could prove to be manipulative or illegal, prior and during the trading halts.
Earlier in March, FINRA responded to investors affected by the MMTLP scandal but shareholders of the security now demand blue sheets.
#ReleaseTheBlueSheets has grown on social media as investors continue to scrutinize the self-regulatory organization.
FINRA sends Blue Sheet requests to firms by email and also posts them on FINRA’s Request Manager system as a second means of notification.
To access FINRA’s Request Manager, go to FINRA Gateway, choose the Request & Filings tab, and then select the “Bluesheet Request” type filter.
Brokers that do not have entitlement to FINRA’s Request Manager should contact (800) 321-6273.
Firms are responsible for providing FINRA with the firm’s most current Blue Sheet contact information.
Firms should promptly inform the Blue Sheet section of any contact changes by sending an email, per FINRA’s website.
FINRA Investigations Surface
John Brda, former CEO of Torchlight, which merged with Meta Materials in 2021 says all the bad actors are going to get subpoenaed for their information.
“What’s interesting is that we’re going to find out one way or another, whether we have to do it through the court system or whether congress is going to effectuate change in a way that they can.
We’re going to find out, we’re not gonna stop in this effort so, we have what we believe are, if we end up filing suit in that manner, we have what we believe are basically bulletproof items that will survive motion to dismiss, and then the discovery process starts.
And then discovery is a wide-open door for us to understand actually who all the bad actors are, you know broker dealers involved, market makers, hedge funds, FINRA, DTCC, everybody; everybody’s gonna get subpoenaed for their information.
So, no I don’t believe it’s gonna go away and no I don’t believe it’s gonna be swept under the rug.
We’re hitting this from both angles, through congress and through the court system and we’re not going away — it’s just not gonna happen”, said John Brda.
FINRA has broken their silence after shareholders made enough noise on social media to grab the regulators attention.
Now investigations are surfacing as the scandal becomes more public.
Latest MMTLP Update
MMTLP investors are now reaching out to the Oversight Committee as well as the Financial Service and Senate Committee to make a collective stance on the events that occurred just months ago when FINRA froze trading and delisted the ticker.
“Remember, the way this works is everyone contacts their own reps, then they all convene behind the scenes with their staff and determine who is going to run with this because it is a big deal. This IS with the oversight committee and they are on it!”, said John Brda.
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.
There are no answers to whether the Oversight Committee will take any action yet but investors who have reached out have said that the committees are very well aware of the events.
The purpose of the Oversight Committee is to ensure the efficiency, effectiveness, and accountability of the federal government and all its agencies.
“We provide a check and balance on the role and power of Washington – and a voice to the people it serves.”
Oversight Committee Number: (202) 225-5074.
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