WFCN –
Shareholders are still wondering what happened, and MMTLP investors have been waiting 600 days for their funds to be unfrozen.
On Wednesday, December 14th, Next Bridge Hydrocarbon would distribute a preferred dividend to investors who had MMTLP stock as of the record date of December 12th.
On the other hand, FINRA delisted MMTLP without prior notice or warning, and the stock ceased trading on Thursday, December 8.
Since the settlement procedure is fraught with “uncertainty” that “could hurt investors and public interest,” FINRA decided to put a stop to MMTLP.
This is the statement that Next Bridge Hydrocarbons issued when the MMTLP was suspended.
There may have been some stockholders impacted by FINRA’s decision to prohibit trading in Meta’s Series A Non-Voting Preferred Stock prior to the Spin-Off, as the Company was still entirely owned and managed by Meta at the time.
The present Company board and executives are only privy to the details disclosed in the public notice issued by FINRA in relation to the Trading Halt.
In addition, neither the Company nor Meta were notified in advance by FINRA of the impending Trading Halt.
We are taking stock of the situation and can say that although we had nothing to do with the Trading Halt, we feel terrible for everyone who suffered because of it.
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Nevertheless, as of current August, investors in MMTLP still haven’t gotten their hands on their shares or money back.
Congressmembers who are trying to make sure that SEC Chairman Gary Gensler answers questions about MMTLP have been very critical of him for avoiding those questions.
ACknowledgment of our MMTLP inquiry reports has been received by the Congressional Research Service.
Documents Show MMTLP Fraud
According to today’s market news, MMTLP investors have seen their funds frozen for more than 600 days.
Today in market news: MMTLP investors have seen their funds frozen for more than 600 days.
Even though FINRA addressed the concerns of affected investors in March, many questions remained unresolved for the retail community.
Additionally, transcripts have surfaced showing discussions between FINRA and the SEC concerning MMTLP fraud, which the mainstream media has completely ignored.
It appears that my Fraud team (and apparently a number of other teams’ radar screens) have picked up on this MMAT/MMTLP problem.
So that we aren’t wasting time talking to the same people, I was hoping you and our General Council’s office might have a direct communication instead than my Fraud team contacting Patti Casimates.
“We are currently bluesheeting both MMAT and MMTLP and are investigating the two issuers from a fraud/manipulation standpoint,” Sam Draddy informed the SEC on December 5th, 2022, a few days before the U3 suspension and delisting of MMTLP.
FINRA Was Aware of Manipulation Even Before Delisting and Halts
As the head of the Insider Trading, Market Fraud, and Offering Investigations Units at FINRA, Sam Draddy also serves as the Senior Vice President of the National Cause and Financial Crimes Detection Programs, Market Investigations Team.
According to transcripts, authorities had suspicions about manipulation in MMTLP over a year before the December 2022 incidents.
It was probably Patti Casimates from our Market Ops team that contacted (name removed).
Sam Draddy informed the SEC on November 29, 2021, that he had mentioned her in the email so that they could contact her personally.
The VP of market operations at FINRA Transparency Services is Patricia Casimates.
The Over-the-Counter (OTC) trade reporting system, FINRA’s TRACE, and the Alternative Display system (ADF) are all under her purview.
More than that, she oversees the handling of over-the-counter company actions and dividend releases.
Ms. Casimates was Deputy Director in FINRA’s Market Regulation Department before joining Market Operations. In that role, she oversaw real-time surveillance, dealt with backing away complaints, and resolved locked/crossed market issues, in addition to trade reporting, order processing, best execution, and FIPS (Fixed Income Pricing System).
According to transcripts, the Market Fraud Investigations division at FINRA received multiple tips on December 2nd, which were then shared with the SEC.
Before investors lost everything, the SEC and FINRA knew that MMTLP was manipulated.
As a result, a lot of actual people ended up with nothing.
Regulators knew this was going to happen, but they failed to warn investors—who had their retirement and savings invested in MMTLP—and the investors lost everything.