New MMTLP disclosures are underway by self-regulatory financial body FINRA in the latest court session to take place later this month.
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.
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 and now investors want answers.
In April, a motion was filed in the Supreme Court of New York by Mark Basile on behalf of an MMTLP investor requesting FINRA for MMTLP blue sheets.
Since the filing, the MMTLP community has stood behind Basile in efforts to hold FINRA accountable and to find a solution to investors ‘frozen’ money.
FINRA is scheduled to appear in the New York Supreme Court on Tuesday, June 13.
Sources familiar with the matter are expecting to hear a brief response on Friday, June 2nd.
Investors are calling out FINRA for the strong probability of fraud and market manipulation.
Transcripts surfaced in April between FINRA and the SEC discussing a fraud team investigating ticker symbol MMTLP prior to the U3 halt.
“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.
Statements from Mark Basile on MMTLP Court Case
Mark Basile who is leading the MMTLP court case stated the following:
“The Supreme Court has set oral argument for this matter on June 13, 2023 at 2:30pm.
The hearing will be done virtually through the courts video case management system.
I am not sure if this matter can be viewed or listened to by the general public but I will find out.
Please do not read into this as some sort of nefarious plot to exclude anyone or something sinister is happening behind the scenes.
I can assure you that we are talking to FINRA in hopes of resolving this before the hearing.
Courts offer this convenience to counsel as a matter of courtesy especially when counsel is out of state, such as this case.
No worries, nothing changes.”
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.
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