Tag: MMTLP Blue Sheets (Page 2 of 3)

Supreme Court Summons FINRA in New MMTLP Hearing

Market News Daily - Supreme Court Summons FINRA in New MMTLP Hearing | MMTLP Lawsuit Update.
Market News Daily – Supreme Court Summons FINRA in New MMTLP Hearing | MMTLP Lawsuit Update.

The Supreme Court of the State of New York County of New York is summoning the Financial Industry Regulatory Authority (FINRA) in a new MMTLP hearing.

A new 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 in April.

Now the Supreme Court is requesting FINRA or their attorneys to show cause (a court order or the demand of a judge requiring a party to justify or explain why the court should or should not grant a motion or a relief) on Tuesday, May 30th.

This is the latest development in the MMTLP case.

For months now, the MMTLP community has demanded FINRA to release the blue sheets but have not received a formal update to the request.

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. 

MMTLP shareholders want insight as to what type of trading activity was occurring, that could prove to be manipulative or illegal, prior and during the trading halts.

MMTLP Lawsuit Update

MMTLP Lawsuit Update

FINRA or their attorneys are expected to show cause on Tuesday May 30th at the Supreme Court of New York.

Mark Basile is a SPAC attorney who represents public companies in complex financial litigation in federal courts around the country.

This is not a lawsuit, but rather a motion that may eventually lead to a lawsuit.

“Just an observation, but something MUST be RADICALLY wrong to get so much pushback in turning over Bluesheets,” said Mark on social media.

Mark Basile also represents Roger Hamilton’s Genius Group ($GNS) who has been a strong advocate for market transparency and the termination of illegal shorting activities in the market.

“Huge deal. Great work Mark. This will certainly turn up the heat, spread far and wide,” said John Brda, former CEO of Torchlight, which merged with Meta Materials in 2021.

MMTLP has gained attention after shareholders created a ruckus, forcing regulators and media to turn their heads.

Probably one of the most iconic stories since the ‘meme stock’ frenzy, the MMTLP scandal dives deep into the manipulation that the retail community has been trying to raise awareness on for the past three years and even decades.

Shareholders assembled in an organized manner, never seen before, to contact government reps and officials, lawyers, CEOs, and the media to shed light on the injustices the community has been suffering through since the U3 halt of ticker MMTLP.

Congress is now looking at the fraud in full detail, confirmed by a series of letters sent to Meta Materials CEO George Palikaras and FINRA CEO Robert Cook.

What Can MMTLP Investors Expect?

This hearing is going to be huge for the MMTLP community.

FINRA is being put under the microscope and being asked to show cause, which means the way they proceed is going to be carefully examined.

Will they release the MMTLP blue sheets, or will they explain why they won’t?

And what will happen afterwards?

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, ticker symbol MMTLP stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning.

More than 34K letters have been sent to regulators by investors affected by the aftermath of the U3 halt and delisting of MMTLP.

This is a developing story – join the newsletter below for the latest MMTLP news and updates.

Market News Published Daily

Market News Today - Supreme Court Summons FINRA in New MMTLP Hearing | MMTLP Lawsuit Update.
Market News Today – Supreme Court Summons FINRA in New MMTLP Hearing | MMTLP Lawsuit Update.

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A New Motion Has Been Filed Requesting MMTLP Blue Sheets

Market News Daily - A New Motion Has Been Filed Requesting MMTLP Blue Sheets.
Market News Daily – A New Motion Has Been Filed Requesting MMTLP Blue Sheets.

A new motion has been filed in the Supreme Court of New York by Mark Basile on behalf of an MMTLP investor requesting FINRA for MMTLP blue sheets.

For months now, the MMTLP community has demanded FINRA to release the blue sheets but have not received a formal update to the request.

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. 

MMTLP shareholders want insight as to what type of trading activity was occurring, that could prove to be manipulative or illegal, prior and during the trading halts.

Mark Basile is a SPAC attorney who represents public companies in complex financial litigation in federal courts around the country.

This is not a lawsuit, but rather a motion that may eventually lead to a lawsuit.

New MMTLP Updates

The Securities and Exchange Commission (SEC) Chairman Gary Gensler is now aware of the MMTLP situation.

Although Chairman Gensler failed to touch topic on inquiries regarding MMTLP during this month’s hearing, Anna Trades confirms the SEC Chair is well aware of the situation.

Anna, alongside other members of the MMTLP community visited D.C to ask Gary Gensler the hard questions.

“I had the opportunity to ask Gary Gensler, some tough questions today. To which he only answered one…he is 💯 aware of the situation regarding MMTLP!”

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, ticker symbol MMTLP stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning.

More than 34K MMTLP letters have been sent to regulators by investors affected by the aftermath of the U3 halt and delisting of MMTLP.

Fox Business’s Charles Payne interviewed SEC commissioner Hester Peirce, and asked for her thoughts on the injustices of the MMTLP case.

“I think the big issue that we’ve, and I’ve certainly heard those concerns, and I think the big issue that we need to take from this is we need to do a better job communicating about what happens when certain actions happen in the market,” said Hester Peirce on MMTLP.

This is a developing story – join the newsletter below for the latest MMTLP stock news and updates.

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Market News Today - A New Motion Has Been Filed Requesting MMTLP Blue Sheets.
Market News Today – A New Motion Has Been Filed Requesting MMTLP Blue Sheets.

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Transcripts Now Reveal Big MMTLP Fraud Investigations

FINRA MMTLP Investigations
Market News Daily – Transcripts Now Reveal Big MMTLP Fraud Investigations.

Transcripts were released revealing a big MMTLP fraud investigation as well as other sensitive information.

Below will be a summary of the events that occurred with MMTLP to give new readers a better understanding of the situation and ongoing investigation at hand.

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.

Investors anticipated a long-awaited MMTLP short squeeze during the last few trading days prior to the spinoff — primarily due to big buying volume flooding the market to receive Next Bridge Hydrocarbon shares.

However, MMTLP stock stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning.

FINRA responded to investors affected by the aftermath in March, but the retail community has not seen any real justice from regulators.

Now transcripts have surfaced revealing conversations between FINRA and the SEC.

“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.

MMTLP Sam Draddy FINRA

FINRA Knew of Manipulation Prior to Halts and Delisting

Sam Draddy

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 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.

In other words, notices could have been sent out warning MMTLP investors of the events that would occur on December 8, when MMTLP was halted and later delisted, freezing investor’s money in the process.

FINRA Received Complaints and Threats

Transcripts have also been released confirming reports of large amounts of complaints related to the U3 halt.

“You may be already, but we have received a large number of complaints (on social media and directly to FINRA) related to a trade halt that we have issued on Friday.

Some of these communications have included threats related to FINRA in general, as well as to certain of our employees.

Out of an abundance of caution, we are asking our team to work from home tomorrow and the rest of the week, unless there is a particular business need to be in the office,” said FINRA CEO Robert Cook on December 11, 2022.

The fact is that the aftermath left many real people with nothing.

Investors had their retirement and savings funds in MMTLP, only to lose it all without warning from the regulatory bodies who knew this would happen to investors.

#FacesofMMTLP shows us who the investors affected are — everyone has a story.

faces of mmtlp

How Will Regulators Proceed Moving Forward?

John Brda said this is not something regulators will be able to sweep under the carpet, the proof is all there.

The question now is how will regulators proceed moving forward?

Investors are disheartened to learn that regulators were aware of the manipulation of MMTLP for over a year and took no action to correct it.

Now investors are encouraging FINRA employees to blow the whistle and come forward.

FINRA whistleblower

“What’s interesting is that we’re going to find out one way or another, whether we have to do it through the court system or whether congress is going to effectuate change in a way that they can.

We’re going to find out, we’re not gonna stop in this effort so, we have what we believe are, if we end up filing suit in that manner, we have what we believe are basically bulletproof items that will survive motion to dismiss, and then the discovery process starts.

And then discovery is a wide-open door for us to understand actually who all the bad actors are, you know broker dealers involved, market makers, hedge funds, FINRA, DTCC, everybody; everybody’s gonna get subpoenaed for their information.

So, no I don’t believe it’s gonna go away and no I don’t believe it’s gonna be swept under the rug.

We’re hitting this from both angles, through congress and through the court system and we’re not going away — it’s just not gonna happen”, said John Brda.

MMTLP Activism Today

The MMTLP community has reached out to the Oversight Committee, sent out letters to congress, and have demanded FINRA to release the blue sheets and give investors their two trading days back.

The Oversight Committee made it known to investors that they were aware of the events that occurred with MMTLP.

These transcripts now reveal big MMTLP fraud investigations have been taking place.

It’s only a matter of time before investigations shed more light on the situation.

This is a developing story – be sure to join the newsletter below for more updates.

Market News Published Daily

Market News Today - Transcripts Now Reveal Big MMTLP Fraud Investigations.
Market News Today – Transcripts Now Reveal Big MMTLP Fraud Investigations.

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 TwitterInstagramFacebook, or LinkedIn for daily posts.


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MMTLP Injustice Is Now Spreading Like Wildfire

Market News Daily - MMTLP Injustice Is Now Spreading Like Wildfire.
Market News Daily – MMTLP Injustice Is Now Spreading Like Wildfire.

The MMTLP injustice is now being heard worldwide.

What started as an injustice that only investors affected felt, is now growing into a global activist movement to hold regulators and Wall Street culprits accountable.

Many powers are now getting involved after the retail community has reached out to several branches in government, including Congress, the FBI, and the Oversight Committee, with evidence of fraud in MMTLP.

The story expands beyond MMTLP as fraud within the financial system is experienced through a variety of companies and stock tickers every day.

And now larger investigations are going out as the MMTLP story gets picked up by larger media and news platforms.

FOX Business has spoken with a community member and has received the FOIA documents detailing FINRA and the SEC were aware of the fraud occurring in MMTLP prior to the U3 halt.

James O’Keef, founder of Project Veritas, has also reached out to the community requesting more information on the events.

Investors have also given Charles Payne the latest news and updates in efforts to expand the story’s reach.

This is a big step forward for MMTLP investors and the retail community as an entirety.

Brief Overview of What’s Happened with MMTLP

Investors who held shares of MMTLP stock on the record date of December 12 were going to 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.

It’s been more than 100 days since investors’ money was frozen and now inaccessible since the delisting of MMTLP.

Transcripts between FINRA and the SEC revealed that regulators were aware of fraud happening in MMTLP at least a year prior to the U3 halt.

There were investigations happening behind the scenes, yet FINRA failed to warn shareholders of what was about to occur.

Now the retail community is calling for the resignation of FINRA CEO Robert W. Cook.

Nearly 6,000 investors have signed the petition at the time of this publication.

There’s also an action pending in Federal Court in the state of California.

Full details and the latest updates coming very soon.

Latest MMTLP News and Updates

Market News Published Daily

Market News Today - MMTLP Injustice Is Now Spreading Like Wildfire.
Market News Today – MMTLP Injustice Is Now Spreading Like Wildfire.

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 TwitterInstagramFacebook, or LinkedIn for daily posts.


Franknez.com

You can now read exclusive FrankNez articles for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
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