Tag: MMTLP Stocktwits (Page 1 of 4)

Why Did FINRA Halt the Trading of MMTLP?

Why Did FINRA halt trading of Meta Materials?
Market News: Why Did FINRA halt MMTLP?

FINRA halted $MMTLP in December without notice leaving investors confused and angry.

The regulator blatantly proved to be one of the biggest obstructions in the market when it also failed to deliver investors with Meta Materials’ planned distribution of its preferred stock.

Now shareholders are demanding FINRA release a statement regarding the events that occurred with MMTLP.

The last day to purchase shares (and be eligible for their dividend) was Dec. 8, 2022.

Meta Material’s final trading day was Dec. 12, 2022.

The distribution date of the private Next Bridge Hydrocarbon shares was Dec. 14, 2022.

Shareholders never received the proposed preferred shares.

So, why did FINRA halt the trading of Meta Materials / MMTLP and delist the security leaving several investors questioning the integrity of our regulators?

Here’s what the regulator said.

FINRA Comments on MMTLP Halts

Meta Materials
Why did FINRA halt Meta Materials?

“Effective Friday, December 09, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) halted trading and quoting in the Series A preferred shares of Meta Materials Inc. (OTC Symbol: MMTLP).

Pursuant to Rule 6440(a)(3), FINRA has determined that an extraordinary event has occurred or is ongoing that has caused or has the potential to cause significant uncertainty in the settlement and clearance process for shares in MMTLP and that, therefore, halting trading and quoting in MMTLP is necessary to protect investors and the public interest.

The trading and quoting halt will end concurrent with the deletion of the symbol effective Tuesday, December 13, 2022.”

“See also Form S1 Registration Statement for Next Bridge Hydrocarbons, Inc. stating that…immediately after the Spin-Off, all shares of Series A Non-Voting Preferred Stock of Meta shall be cancelled. Available here.”

In simple terms, FINRA’s only explanation was that the halt was due to ‘uncertainty’ in the settlement process which could harm investors and public interest.

And perhaps that’s true — though I don’t think they were referring to retail investors at all, but rather FINRA’s private investors and partners.

Tinfoil hat on, you tell me.

Related: The Retail Community Says FINRA is Corrupt

Who is FINRA?

Why did FINRA halt MMTLP? Why did FINRA halt Meta Materials?
Why did FINRA halt MMTLP? Why did FINRA halt Meta Materials?

FINRA stands for the Financial Industry Regulatory Authority and is a self-regulatory government organization that oversees U.S. broker-dealers.

The organization contains records of every trade made available intraday, including that of naked short sales.

FINRA requires firms to be able to meet their short sale requirements as well as have a process to close out fails to deliver within their required timeframes.

However, they’re the open window that allows these manipulative strategies to occur in the market.

FTDS (fails-to-deliver) are mounting up every month according to SEC data, and FINRA is unable to get firms to close out these obligations.

The retail community is calling it foul play, alleging the possibility of lobbying within the self-regulated organization.

FINRA’s mission statement:

At FINRA, our mission is clear—to protect investors and promote market integrity. At FINRA, our mission is clear—to protect investors and promote market integrity. Each year, we conduct thousands of investigations of potential violations of securities industry rules, regulations and U.S. securities laws.

So, who’s watching FINRA?

Justice for the MMTLP community must be served.

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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.

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

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FINRA Attempts to Gaslight Public on New Email Leaks

Market News Daily - FINRA Attempts to Gaslight Public on New Email Leaks.
Market News Daily – FINRA Attempts to Gaslight Public on New Email Leaks.

The self-regulatory agency FINRA just attempted to gaslight investors on the new email leaks involving their knowledge of the fraud occurring in ticker symbol MMTLP.

FINRA was responsible for halting and delisting MMTLP without notice.

Investors were also promised stock of Next Bridge Hydrocarbons as a ‘spinoff’ but have not been delivered to this day.

Hundreds of billions of dollars are estimated to be stuck in limbo with shareholders having absolutely no access to their funds.

The MMTLP scandal has grown quite drastically and has even been picked up by Project Veritas founder James O’Keef after several publications made their way to his sources.

In efforts to derail the public from the scandal, FINRA has attempted to gaslight investors on social media by making claims of fraudulent emails purporting to be from FINRA.

Here’s what the regulator said on Twitter:

“There is an ongoing phishing campaign that involves fraudulent emails purporting to be from FINRA and using the domain names “@finraps.org” or “@finraps.net”.

These emails are not connected to FINRA, and firms should delete all emails from these domains. “

But the emails from the transcripts (email leaks) are correct, ending in finra.org, per official email information on record.

The attempt has been a failure, but an attempt, nonetheless.

Congress Gets Involved in MMTLP Investigation

Market News Daily - FINRA Attempts to Gaslight Public on New Email Leaks.

A letter from Pete Sessions, Member of US Congress (TX 17th) was leaked on Wednesday from this week reaching out to Meta Materials CEO George Palikaras for aid on the MMTLP investigation.

“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.

This is a developing story – join the newsletter below to be notified on the latest updates.

Latest MMTLP Stock News and Updates

latest mmtlp stock news and updates

Share this article to raise awareness – leave your thoughts below in the comment section of the article below.

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Market News Today - FINRA Attempts to Gaslight Public on New Email Leaks.
Market News Today – FINRA Attempts to Gaslight Public on New Email Leaks | FINRA MMTLP Emails.

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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.

Market News Published Daily

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

For stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

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