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