Tag: MMTLP Investigations

Member of Congress Orders MMTLP Share Count in New Letter

Market News Today - Member of Congress Orders MMTLP Share Count in New Letter.
Market News Today – Member of Congress Orders MMTLP Share Count in New Letter.

A member of Congress has ordered an MMTLP share count in a new letter to SEC Chairman Gary Gensler and FINRA CEO Robert Cook.

Congress has begun to crack down on the MMTLP fraud scandal after investors organized themselves and sent more than 40,000 letters raising concerns on the issues.

In July, a total of 15 congress members requested an MMTLP update from SEC Chairman Gary Gensler relating to fraud allegations that stemmed from a U3 halt, which resulted in disastrous losses for investors.

Rep. David Valadao, California’s 22nd Congressional District, has now requested four key things from the SEC Chair and CEO of FINRA in regard to MMTLP — one being an audited share count.

“I am concerned about the Financial Industry Regulatory Authority’s (FINRA) decision to halt trade of the Series A Preferred Shares of Meta Materials, that traded under the symbol MMTLP, days before it was announced MMTLP would be deleted.

This issue has been brought to my attention by numerous constituents, with deep concerns regarding the status and ownership details of their shares.

FINRA’s decision to halt trade in these shares without public notice has resulted in the financial suffering of many in my district and throughout the country.

The U.S. Securities and Exchange Commission (SEC) and FINRA have a responsibility to protect investors and the wider public, ensuring the stability and integrity of the market.

Due to the financial distress faced by my constituents, I am seeking information regarding the actions that led to the suspension of trading for MMTLP on December 8, 2022, shortly before the planned removal of the MMTLP symbol on December 13, 2022.

In response to these concerns, I hereby make the following requests:

Congress Requests Answers From SEC and FINRA on MMTLP

Market News Today - Member of Congress Orders MMTLP Share Count in New Letter.
Market News Today – Member of Congress Orders MMTLP Share Count in New Letter.
  1. A concise briefing be delivered to my office from the relevant authority, either the SEC or FINRA, with the capacity to provide insights into the circumstances surrounding the trading halt for MMLTP.
  2. A confirmation from FINRA that the trading halt fell within their jurisdiction and followed established industry standards.
  3. A clearly outlined, written response detailing the expected course of action for my constituents’ existing holdings. This should be accompanied by a timeline that outlines the steps and offers an estimated timeframe for resolution.
  4. I request the delivery of an audited and consolidated count of shares that were held by the investing public related to Meta Materials’ Series A Preferred Shares on the date of December 9th, 2022. This should encompass all relevant documentation or disclosures to foster transparency and confidence among my constituents regarding their ownership interests.

Considering the seriousness of this situation and the substantial consequences on my constituents, I urge your prompt attention. I appreciate your consideration of this critical issue.”

Just last week, Senator Mike Crapo questioned Gensler on whether an investigation was happening with MMTLP, or whether details of what occurred with MMTLP would be released at some point.

While the SEC Chair failed to provide any valuable answers, momentum is certainly growing for the community.

Especially now that an MMTLP share count is being requested from a member of Congress.

Is the MMTLP case finally coming to an end? It has certainly taken another giant step forward.

This is a developing story – for more updates, opt-in for push notifications, join the newsletter, or follow me on social media down below.

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Market News Today - Member of Congress Orders MMTLP Share Count in New Letter.
Market News Today – Member of Congress Orders MMTLP Share Count in New Letter.

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Congress Is Now Cracking Down on The MMTLP Fraud Scandal

Market News Today - Congress Is Now Cracking Down on The MMTLP Fraud Scandal.
Market News Today – Congress Is Now Cracking Down on The MMTLP Fraud Scandal.

Congress is now cracking down on the MMTLP fraud scandal that has affected tens of thousands of investors after the self-regulatory body, FINRA, halted trading prior to delisting.

Investors were prohibited from taking their money out two days prior to the delisting of MMTLP due to an unprecedented U3 halt.

Since December of 2022, investors have urged FINRA for blue sheets, but the request was denied.

In July, a total of 15 congress members requested an MMTLP update from SEC Chairman Gary Gensler relating to fraud allegations that stemmed from the U3, which resulted in disastrous losses for investors.

More than 40,000 MMTLP letters have been sent to Congress this year, with several community members making phone calls daily — their actions have now paid off.

On September 12, Senator Mike Crapo questioned Gensler on whether an investigation was happening on MMTLP, or whether details of what occurred with MMTLP would be released at some point.

While the SEC Chair failed to provide any helpful answers, momentum is growing for the community.

Now the Financial Services Committee is having a meeting on Thursday to identify what the next steps are in terms of finding a solution for the MMTLP scandal.

“The Financial Services Committee to determine next steps. At this point, we feel it’s most helpful to have a coordinated response (FINRA / SEC listens to requests from the Committee much more than an individual member).

I have a meeting on Thursday with the Committee to discuss next steps and will raise every suggestion you made below. Our goal is your goal – get answers and solutions,” said a member from the Financial Service Committee.

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Market News Today - Congress Is Now Cracking Down on The MMTLP Fraud Scandal.
Market News Today – Congress Is Now Cracking Down on The MMTLP Fraud Scandal.

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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.

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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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MMTLP Investigations Widen: Congress Now Involved

Market News Daily - MMTLP Investigations Widen: Congress Now Involved.
Market News Daily – MMTLP Investigations Widen: Congress Now Involved.

MMTLP investigations widen as congress now gets involved in the FINRA / MMTLP Scandal.

Pete Sessions, Member of US Congress (TX 17th), Member of House Committee on Oversight and Accountability has reached out to Meta Materials CEO George Palikaras requesting assistance to reform Regulation SHO and Naked Short Selling rules.

Here are the statements from the leaked email.

“Several issues have been brought to my attention surrounding the trading and ultimately the U3 Halt issued by FINRA on ticker symbol MMTLP.

It is my understanding in talking with FINRA personally, that there has been a “hiccup” in the matter and that there may be short positions that have not settled in the trades of MMTLP.

Furthermore, the CEO of OTC Markets has also publicly stated that there are indeed short shares that are trapped because of the FINRA halt.

Additionally, there are concerns about the exchange of MMTLP shares for shares issued by Next Bridge Hydrocarbons.

Approximately 165 millions shares were to be involved in this process, with the intent for individual shareholders to be assigned their positions in book entry form with the transfer agent American Stock & Trust (AST).

Currently, there are many individual holders with their long position of shares in their respective brokerage accounts.

There appears to be lack of broker transparency of shareholder ownership interests and this problem has cause a potential issue for Next Bridge Hydrocarbons corporate governance,” said Pete Sessions of Congress.

MMTLP investors have finally been heard by the highest ranks in the country.

Congress Reaches out to Meta Materials CEO George Palikaras

Meta Materials CEO George Palikaras

Congress is encouraging Meta Materials and the retail community to let Wes Christian gather all information necessary to tackle the fraud that took place with MMTLP.

Here’s what Pete Sessions had to say:

“Upon initial examination, it seems that there is circumstantial evidence of a real issue beyond your control with the settlement of the shares of MMTLP into Next Bridge Hydrocarbons.

It is my understanding that you have or have been provided a large amount of data concerning these issues.

Being a legislative body with oversight functions, we must gather data and use that data for oversight purposes and to craft any needed bipartisan legislation.

We therefore see any such data you may hold.

Furthermore, to that end, we know that several large shareholders of your company Meta Materials, Inc. (MMAT) have been working with Mr. Wes Christian to gather information that may help us on our fact finding mission.

I appeal to you to allow Mr. Christian and his experts access the trading data that has taken place while MMTLP was under your purview.”

Congress Requests for Deep Investigation in MMTLP

Data from TRCH is also being asked to help aid the latest MMTLP investigation by Congress.

“In addition, there likely exists additional information to be gathered under the ticker TRCH which also require your cooperation.

We believe this data will give us insight into any potential violations of securities laws by outside actors and may potentially uncover those responsible for any such violations.

Many members of Congress have been contacted concerning questions about the MMTLP / Next Bridge Hydrocarbons share exchange.

Also, many other companies have openly expressed an effort to investigate possible violations of Reg SHO practices.

We believe this issue with MMTLP is unique in that the information is currently frozen in time.

If you can assist us, as well as Mr. Christian’s team, in gathering the information requested it would greatly help our oversight efforts and possible legislative updates to Reg SHO rules.

Sincerely, Pete Sessions.”

Massive MMTLP News

This is huge news for the MMTLP community and retail investors alike.

What started as something that was meant to get swept under the rug has now turned into a full-blown investigation involving Congress.

This is a developing story – join the newsletter below to stay updated on the latest MMTLP news.

Share this article to raise awareness.

Note: The document/email presented in this article is from an anonymous user.

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Market News Today - MMTLP Investigations Widen: Congress Now Involved.
Market News Today – MMTLP Investigations Widen: Congress Now Involved.

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