A new petition to mandate supplying blue sheets to public companies has popped up on social media in the wake of the MMTLP Scandal.
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.
A motion was filed in April at the Supreme Court of New York by Mark Basile on behalf of an MMTLP investor requesting FINRA for MMTLP 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.
However, FINRA is protecting the bad actors behind the MMTLP scandal in the latest MMTLP court update.
The self-regulatory body is claiming immunity and is refusing to provide retail investors with the blue sheets that shed light on the trading activity and fraud that occurred in ticker symbol MMTLP prior to the U3 halt and delisting.
Petition: Mandate Supplying Electronic Blue Sheets to Public Companies Quarterly
Christopher Binns Jr. has started a new petition to mandate supplying electronic blue sheets to public companies quarterly where more than 1,600 people have already signed.
“As a police officer, I am writing to highlight a crucial matter that impacts the integrity and transparency of our financial markets.
As a dedicated law enforcement member, concerned investor, and advocate for fair market practices, I kindly request your support in implementing a crucial measure to enhance the transparency and accountability of securities trading.
This measure is designed to take a firm stance against various forms of stock market manipulation.
These illicit activities continue to not only harm publicly traded companies but also strip hard working people of their hard earned money, and their right to a free, transparent, and fair market.
The objective of this petition is to urge the Securities and Exchange Commission (SEC), the United States Senate Committee on Banking, Housing, and Urban Affairs, the United States House Committee on Financial Services, and the Financial Industry Regulatory Authority (FINRA) to mandate the quarterly supplying of Electronic Blue Sheets to publicly traded companies, and the transfer agents they use to administer their shares of stock.
By implementing this measure, we aim to provide companies with increased transparency and empower them to monitor trading activities that directly impact their stocks.
This will enable companies to identify potential threats, such as malicious short-selling or market manipulation, and take appropriate action to protect their businesses, and its shareholders,” the petition read.
You can sign the petition here.
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