There’s a new meeting with FINRA on the MMTLP fraud taking place on Friday, May 26th according to sources familiar with the situation.
The Financial Committee will be meeting with FINRA in regard to the MMTLP scandal that occurred in December of 2022.
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.
The event has been recognized by retail investors as one of the biggest Wall Street frauds in recent history.
A motion was filed in late April demanding the release of MMTLP’s blue sheet records.
The New York Supreme Court ordered FINRA to show cause with a court date for Tuesday, May 30th, but FINRA requested a two-week extension last week.
Now, The Financial Industry Regulatory Authority agency has a meeting with the Financial Committee later this week.
However, MMTLP investors are concerned about misrepresentation of the events that occurred in December of last year.
Investors are calling out for John Brda, former CEO of Torchlight, which merged with Meta Materials in 2021, to represent investors in the upcoming meeting.
“I am reaching out to my contacts for an invite as well. I will bring Wes Christian with me to make sure FINRA is being truthful,” said John on Twitter.
Other MMTLP Updates
More than 34K MMTLP letters have been sent to regulators by investors affected by the aftermath of the U3 halt and delisting of ticker symbol MMTLP.
Investors affected by the MMTLP scandal have been flocking to D.C to meet with representatives, making calls daily, and raising awareness on social media about the injustices that has been forced upon them.
Earlier in April, we found Congress was getting involved in the MMTLP scandal through a leaked letter sent out to Meta Materials CEO George Palikaras; however, a new letter from Congress details an ongoing investigation into naked short selling and other market fraud.
Congressman Bill Posey said in a letter that he’s been hearing from a variety of constituents on retail’s concerns involving MMTLP.
These letters have certainly provided investors with a boost in confidence on their efforts, however, investors who have met with representatives in person say this is just the beginning.
One major concern is that there are representatives who aren’t fully understanding or educated on the malpractices that occur within the market which may pose a big roadblock and risk to retail investors.
SEC Chairman Gary Gensler was expected to answer inquiries on MMTLP back in April’s hearing but failed to touch topic on retail’s concerns.
It is evident that although the retail community has done a fascinating job of raising awareness with Congress and FINRA, others may attempt to silence the masses by not addressing these issues — as we’ve seen in the past with AMC and GameStop.
Still, the fight for justice seems to be headed in the right direction.
Investors are urging one another to continue to send letters to regulators and to continue to raise awareness on the situation.
This is a developing story – join the newsletter below for new updates and other market news for retail investors.
Market News Published Daily
For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.
Franknez.com is the media site that keeps retail investors informed.
You can also follow Frank Nez on Twitter, Instagram, Facebook, or LinkedIn for daily posts.
You can now read exclusive FrankNez articles for only $1/mo.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
About The Author
Leave your thoughts below.
I thank you for all your great articles!
Have you heard anything? Someone said it was postponed.
Hope you have/had an Amazing Weekend!