Federal regulators are now avoiding direct communication with Next Bridge Hydrocarbons on the MMTLP scandal following years of unsuccessful attempts to engage.
Next Bridge Hydrocarbons (NBH) is the unlisted, private energy company created to take over legacy oil and gas assets associated with the preferred stock traded under ticker symbol MMTLP.
In June 2021, Torchlight Energy Resources merged with Meta Materials Inc. (META).
To separate Torchlight’s oil and gas assets from Meta’s tech business, Meta issued Series A Preferred Stock to Torchlight shareholders.
These non-voting preferred shares later began trading publicly on OTC markets under the ticker MMTLP.
In December of 2022, self-regulatory body FINRA issued a rare U3 halt and delisted MMTLP, wiping out retail investors’ money without a direct answer.
Now Next Bridge Hydrocarbons says it is attempting direct communication again.
For more than three years, the company has repeatedly sought direct dialogue with regulators regarding the unprecedented events surrounding FINRA’s U3 halt of MMTLP, the resulting share imbalances it left, and the continuing concerns the company and shareholders have regarding these matters, it said in a press release.
On August 7, 2026, Next Bridge Chairman and CEO Greg McCabe sent a letter to David Woodcock, the newly appointed Director of the SEC’s Division of Enforcement, requesting to meet and present what the company believes is clear evidence of unauthorized Next Bridge shares being created by U.S. broker-dealers.
The letter requested a response by August 14, 2026. At the time of the PR release dated August 26, 2026, the company said it received no response from Mr. Woodcock and no meeting is forthcoming.
Next Bridge Chairman and CEO Greg McCabe stated: “I am deeply troubled that our system continues to turn a blind eye to an issue affecting tens of thousands of investors.
My message remains exactly as it was on day one: I am here to help.
We are asking for nothing more than a seat at the table, an honest examination of the facts, and a path toward resolution that is fair to all parties.”
Investors and Veterans Press Trump on the MMTLP Scandal
Investors and veterans online are now pressing President Donald Trump on the issue surround MMTLP after several pleas to congressmen, senators, and regulatory bodies have gone unanswered.
The movement has been trending on social media platform X, formerly Twitter.
A few years back, members of Congress, including former senator now Vice President JD Vance, pursued answers from former SEC Chairman Gary Gensler in a letter that demanded clarity on the events that left Americans, many vets, without access to their money.
Over the years since, veterans have united together to raise concerns about the massive fraud that has been buried by the U.S. government to protect bad actors.
Media personalities such as Lara Logan, Beard Vet, and Ann Vandersteel have further used their platforms to raise awareness on the lack of action from our government.
“Trump must act on this to stop the weaponization of the SEC – particularly when it was run by the former CFO of the HIllary [sic] for President campaign,” Vandersteel said.
In a stronger note to members of congress, Beard Vet didn’t hold back, stating:
“I’ve had several congressional offices reach out to me, and that’s appreciated
Here is what I’ve learned… the subject of MMTLP is being manipulated across their offices as “we have to wait and see what the courts are doing” therefore we cannot investigate.
That’s Bullshit, organizers have FOIA’d clear collusion between SEC/FINRA/and some current and former Congressional officials
The Money didn’t just disappear, yet it did, I trust these congressional reps below and hope they will assist the Veterans, Veteran Families and Others mission on having a meeting with President Trump, his own company DJT was halted by the same treasonous assholes.”
FOIA Transcripts Reveal SEC and FINRA Knew of MMTLP Fraud Before Halt and Delisting
It’s true, transcripts show the SEC and FINRA engaged in communication discussing fraud that was happening within MMTLP before the ticker was halted and delisted.
On August 22, 2026, I reported that an SEC official told our anonymous source who wishes not to be named that the agency has been running a bogus investigation to bury the matter.
“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.
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 also 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.
Retail investors, vets, and the American public are demanding answers.
Regulators must at some point stop avoiding engaging in the MMTLP case, stop burying it, and face it directly.
The American people must continue to push and hold all bad actors involved accountable.
Frank Nez is an American entrepreneur, journalist, writer, and investor. Frank's work has been cited by SEC and Congressional reports. Franknez.com is a personal finance and market news publication, dedicated to publishing content on money, investing, entrepreneurship, and retail investor news.
