Rep. Ralph Norman is now being scrutinized over failed MMTLP promises by retail investors after suggesting subpoenas and congressional hearings.
Representative Norman was among the first congressmen to raise concerns on the MMTLP fraud that locked tens of thousands of investors from accessing their capital when FINRA issued a U3 halt without clarity or thorough explanation.
“Over 70 co-signers on my letter this morning to FINRA and the SEC concerning #MMTLP – Meta Materials Series A preferred shares,”reported Rep. Ralph Norman back in December of 2023.
“We write to request that the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) review events surrounding Meta Materials Series A preferred shares (MMTLP),” the letter read.
“As you know, MMTLP was created during a merger between Meta Materials (MMAT) and Torchlight Energy Resources (TRCH) to provide preferred stock dividends to TRCH shareholders.
MMTLP shares began trading on the OTC market in 2021. In the summer of 2022, the SEC received and subsequently approved a Form S-1 and amendments to spin-off a portion of the company, Meta Materials, into a new company, Next Bridge Hydrocarbons (NBH).
On December 9, 2022, FINRA issued a U3 halt on trading in the company’s stock, preventing shareholders from making further trades.
Since the halt, constituent investors have contacted Members of Congress regarding the spin-off transaction and the subsequent halt on trading. Specifically, we have received more than 40,000 letters from concerned investors,” the letter stated.
“Many of our constituents have concerns regarding the circumstances surrounding the U3 halt and level of short selling in MMTLP.
As you know, the securities industry is regulated by a disclosure-based regime, and transparency is paramount to FINRA’s and the SEC’s goals of protecting investors and ensuring market integrity.
We believe it is appropriate that FINRA and the SEC review these market events and determine what, if any, wrongdoing may have occurred in order to dispel misinformation and properly safeguard investors.”
As we end January 2025, no solution has been proposed by anyone in congress, leading to significant criticism on social media.
Ralph Norman MMTLP.
“Rep. Norman suggested Subpoenas & Congressional Hearings but completely did a 180 after supporting the community, and no longer talks about MMTLP,” posted one user on X.
“Hypocrisy rules in our system of govt.
All is fair when it comes to re-election votes and campaign finance…isn’t that correct Congressman?,” said another.
Retail investors are seeking justice for MMTLP.
The question is, how much more pressure will investor activists have to keep applying to reignite significant attention from regulators?
This is a developing story — we will continue to monitor the situation and continue to provide you with the latest MMTLP news and updates.
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.
I am an investor and was prevented from trading the stock. Lost hard earned money. And it’s not that I gambled. I wanted to sell but couldn’t. It’s illegal and a crime. I will keep fighting!
Thank you Frank Nez.
Seems like the government is turning it’s head while 401k’s , pension funds and every day people get stolen from.
While the protect the criminals.
MMTLP told them and showed how it is happening. And 2 YEARS later , nothing done
I don’t want this to be political BUT
BIDEN ADMINISTRATION LOOKED AWAY.
I hope the Trump team stops the crimes
We have been absolutely devastated. Our savings have been taken by devious manipulations, collusion and seemingly a planned unprecedented U3 halt to hold our money hostage for 2 years+. We were cheated out of 2 days of trading whereby we could have cash out some of our shares. Inflation was pressuring our finances and still is. On top of high interest rates, it is torturous with every single bill that drops. The consequences my family is going thru is unimaginable. We invested in an oil and gas company since early 2021 that was supposed to be distributed as a dividend thru MMTLP. Our property is still held Hostage and the authorities are sitting on their hands. We hope to see accountability and justice now that we have a new President and coming Sec chair.
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Show CommentsI am an investor and was prevented from trading the stock. Lost hard earned money. And it’s not that I gambled. I wanted to sell but couldn’t. It’s illegal and a crime. I will keep fighting!
We must continue to raise awareness on this market irregularity and injustice.
Thank you Frank Nez.
Seems like the government is turning it’s head while 401k’s , pension funds and every day people get stolen from.
While the protect the criminals.
MMTLP told them and showed how it is happening. And 2 YEARS later , nothing done
I don’t want this to be political BUT
BIDEN ADMINISTRATION LOOKED AWAY.
I hope the Trump team stops the crimes
Cheers to a new chapter. We will double down our efforts if we have to under this new administration. Change is coming.
Something has to be done. 65,000 people were stolen from. Where’s the justice? Where’s the solution?.
We must continue to raise awareness and apply pressure.
Leave your thoughts below.
We have been absolutely devastated. Our savings have been taken by devious manipulations, collusion and seemingly a planned unprecedented U3 halt to hold our money hostage for 2 years+. We were cheated out of 2 days of trading whereby we could have cash out some of our shares. Inflation was pressuring our finances and still is. On top of high interest rates, it is torturous with every single bill that drops. The consequences my family is going thru is unimaginable. We invested in an oil and gas company since early 2021 that was supposed to be distributed as a dividend thru MMTLP. Our property is still held Hostage and the authorities are sitting on their hands. We hope to see accountability and justice now that we have a new President and coming Sec chair.
Thank you for sharing your story. I will continue to share developments in efforts to raise awareness and expose this fraud.
Read Daily Market News – https://franknez.com/ for more news and updates like this.