The SEC Names MMTLP In Pump and Dump Scheme Lawsuit
According to the SEC, MMTLP is one of the tickers Atlas Trading was pumping.
The SEC recently charged a trading group, including @MrZackMorris for pumping a variety of stock tickers on their discord, per Bloomberg.
Regulators are saying eight members of the trading group took advantage of novice traders by promoting false information on certain tickers to increase buying power and then later taking profits while still pushing traders to buy.
Many retail investors are more concerned about the SEC not taking other serious matters into their own hands, such as market manipulation conducted by hedge funds and market makers for example.
It seems when retail traders are able to profit from driving price up in a security, the SEC is quick to sniff out anomalies.
But when big hedge funds use the media to manipulate and influence public opinion, dump shares, trade puts, and downgrade stock prices, the SEC is nowhere in sight.
While promoting false information is still wrong, Meta Materials (MMTLP) seems to have a strong community behind it though, with many protesting against FINRA halting it a week prior to its spinoff.
Here’s the latest MMTLP stock news.
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Meta Materials Named in Lawsuit
The group used the then-upcoming merger with Meta Materials as a catalyst for their followers to buy in.
Hennessey claimed that Meta Materials would potentially partner with Tesla (TSLA) and had coronavirus-fighting applications in store.
He noted to his followers that the company had a “10-billion-dollar MARKET CAP POTENTIAL.”
This of course was a way to promote buying shares of the company for the leaders to profit from.
Source(s): InvestorPlace
Based on the lawsuit, the eight individuals will face disgorgement of all their illegal gains and pay civil penalties.
They may also be banned from trading securities in the future and face jail time, as criminal charges have been filed against them, per the SEC.
Did FINRA halt MMTLP stock due to these whereabouts?
And is it fair that shareholders who weren’t part of the fiasco were halted without warning?
Leave Your Thoughts Below
Is the MMTLP community completely separate from what went on with Atlas Trading Group?
Were you invested in the security?
Leave your thoughts in the comment section below.
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Show CommentsAbsolutely we got screwed and we were innocent. Many of us did our homework and we are not necessarily novice investors. When you are told you have till a certain deadline to trade to…that should be honored. We made decisions based on printed information. For FINRA to halt trading two days prior to the deadline when pretty much everyone knew they had to close positions by Monday to be halted was just as good a stealing our money. I am ballistic! I want to be compensated….HEAVILY! Punitive!!!
It was $TRCH at the mentioned time. It was not $MMTLP it was not even listed at that time! Besides $MMTLP is a Preferred Dividend Place holder that was not supposed to be even trading! But two MMs got together and fraudulently listed counterfeit shares. So they could trade on the OTC market. They are yet to cover there 100s of millions of short shares. Now there is only room for 165M at AST and there seems too be double. That’s why its been internally between B/Ds fraudulently after the Finra halt. That’s the real crime1
FINRA robbed retail investors.
It’s funny how they don’t care that hedge funds rob retail but the little guys can’t manipulate a stock.they have done nothing with all the corruption from hedge funds that causes retail to lose money every day.what will they do if all retail got out of the market all together
100%.
Hell No ! It was not right when we all thought we had two trading days left and the shorts were in trouble. We feel like its crooked and FINRA came in to save the shorts. I don’t think this will end up good for Retail. JUST WRONG ! The Shorts know the risk and we caught them. But as always Retail gets screwed.
Reminds me of SPRT and Greenridge. SPRT had a crazy short interest, shorts were on the verge of getting squeezed out before the merge.
Atlas did pump TRCH which became MMAT but they got out before any of them would’ve gotten MMTLP as a preferred share. Your story is misleading.
It’s not misleading, the SEC named MMTLP in the lawsuit. Having extra context per your example certainly helps identify the bigger picture. Something to keep in mind.
Let’s start a discussion! Leave your thoughts below.