Tag: MMTLP Twitter (Page 1 of 4)

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.

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 - 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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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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