MMTLP – Fraud, Deception, Cover Ups, and How It Affects YOU.
The following narrative exposes many of the nefarious actions of bad Wall Street actors. Bad actors on Wall Street are a threat to the stability of our financial market and even our national security.
If you have even a single dollar invested in the US stock market, you are at risk. This is not an exaggeration or scare tactic, it is a fact. The truth is, the situation surrounding $MMTLP is just one example of the corrupt and dangerous behavior that is being repeated throughout the United States stock market. Retirement accounts, 401ks, IRAs, and even college funds are all at risk due to these predatory market practices. Make no mistake about it, this is an EMERGENCY, AND IT AFFECTS YOU. The evidence provided in this narrative should serve as a wake-up call for all investors. It is imperative that we address and confront this issue to protect the integrity of our financial system and the hardworking people who invest their money into it. Many people have lost their homes, lost their marriages, lost their savings, suffered health problems brought on by stress, and some have lost their lives due to these events. I implore you to read on and become familiar with this very crucial matter.
The stock symbol MMTLP was never supposed to be made tradable. In June of 2021, Torchlight Energy Resources (formerly traded as TRCH on the NASDAQ) entered into a reverse merger with Meta Materials (currently trading as MMAT on the NASDAQ). Torchlight Energy was an oil and gas exploration company, and Meta Materials is a nanotechnology company that did not want to be in the oil and gas business. As a result, all of the assets of TRCH were spun off into a Series A Preferred share. Each shareholder of TRCH at the time of the MMAT merger was issued one of these Series A Preferred shares for every share of TRCH that they owned at that time to represent their ownership of TRCH assets. These assets include a 134,000-acre property in Texas’ Permian Basin that is rich with minerals, natural gas, and the largest onshore oil discovery in over 30 years. Again, this security was not supposed to be tradable.
However, in October 2021, MMTLP was created by an unknown party without authorization from the issuing company, permitted by FINRA to be listed and trade on the OTC market from October 2021 until December 8th, 2022, and subsequently halted by FINRA due to what they called “an extraordinary event” five days before these assets were to be spun out into Next Bridge Hydrocarbons, a publicly reporting but non-trading private company.
It is believed that this security was created in order for bad actors on Wall Street to circumvent their requirement to cover naked short positions (short positions created by selling shares that were created out of thin air) in TRCH. John Brda, the former CEO of TRCH, notified OTC Markets that this was unauthorized, however was told that since FINRA approved it, he had to take it up with them. Because the trading symbol MMTLP was created without authorization of the issuer, it is believed that market makers sold hundreds of millions of counterfeit shares to the public through broker-dealers.
Fast forward a year later, the decision was made to spin the TRCH assets out into a publicly reporting, but non-trading private company. The corporate action notice that FINRA put out on December 6th, and then another on December 8th, led many to believe that trading on the 9th and the 12th of December 2022 would be limited to “position close-only” trades. Brokers, market experts, and many others interpreted FINRA’s corporate action notice to be stating the same. Even Jeff Mendl, Vice President of OTC Markets, came out and stated on a broadcast on December 7th that “Per FINRA’s corporate action, MMTLP is being deleted as a ticker after the trading day on the 12th. And so that means that you no longer are reporting a trade in MMTLP after that date… what I can say though is that MMTLP as of the end of the trading day on the 12th will no longer be traded on the OTC Market.” All of this can be substantiated by visiting the following thread on Twitter: https://twitter.com/FreeCommercials/status/1634393126877151233).
This halting of the stock came with 2 days of trading left, and during those two days, it is believed that all short positions and counterfeit shares would have had to be bought back to reconcile the share count down to the authorized amount of 165,472,241. This trading halt has left roughly 80,000 families without their money and no verifiable proof or evidence that they actually have their shares in the private company. These families include retirees, veterans, and people of all walks of life.
As part of a community of thousands of people that hold 24/7 conference calls via Twitter Spaces regarding this situation, we can tell you that countless people are suffering. On April 1st, 2023, a FOIA request placed by a member of our community brought forward results that we would like to bring to the attention of the world stage (viewable here: https://mmtlpresources.com/wp-content/uploads/2023/04/RELEASABLE-Records-Request-No.-23-00564-FOIA.pdf). These emails serve as evidence that FINRA, including its CEO, was aware of the issue surrounding MMTLP as early as November 2021 and failed to take appropriate action. Furthermore, the content of these emails proves that FINRA requested the “Blue Sheets” (Electronic Blue Sheet (EBS) data files, which contain both trading and account holder information, provide regulatory agencies with the ability to analyze a firm’s trading activity) from all firms involved on December 5th, 2022, a full 4 days before they ordered the halting of trading. In light of this information, many believe that FINRA not only misled the public by releasing two corporate action notices that seemingly stated that trading would end on December 12th, but that they may have intentionally acted to conceal the wrongful actions of broker dealers and other nefarious actors on Wall Street, ultimately at the expense of hardworking retail investors. Some Congressional representatives have already requested this blue sheet data in light of this FOIA request.
This situation has exposed many of the nefarious actions of bad Wall Street actors, which pose a significant threat to our financial market stability and national security. Due to public pressure, FINRA has recently released a statement on this situation, viewable here: https://www.finra.org/investors/insights/FAQ-MMTLP-corporate-action-and-trading-halt. This statement is believed by many to be rife with misrepresentations, factual inaccuracies, and outright lies. Additionally, in their statement, they make no mention of the FACT that there are counterfeit shares that were sold to the public by market makers through Broker Dealers. The sale of counterfeit/failed-to-deliver shares is illegal, and FINRA has not made a single mention of it. NOT ONE. Essentially, this response is simply FINRA’s way of pointing their finger at the brokers and saying “This is not our problem”. However, FINRA is tasked with policing the brokers as regulators, and they have grossly failed to do so at the expense of public retail investors. A full point by point refutation of FINRA’s statement can be found at the following thread on Twitter: https://twitter.com/bleedblue18/status/1639354486190661638.
Dave Lauer, a leading expert who provides court testimony on this subject and an advisor to FINRA himself, recently called out FINRA to fix the problem in multiple tweets (viewable here: https://twitter.com/dlauer/status/1633991885084606466 and here: https://twitter.com/dlauer/status/1641927330443542528).
The only acceptable course of action to resolve this situation is to reconcile the outstanding shares to the authorized amount of 165,472,241 by utilizing the market and a predetermined trading period, as approved by the SEC in the S1 filing. Strict independent oversight must be employed to ensure that there is no market manipulation during the aforementioned reconciliation. Any alternative course of action would violate the fundamental principles that underpin the free markets and the laws that govern them.
In conclusion, the situation surrounding MMTLP and the sale of counterfeit shares by market makers through broker-dealers has exposed a much larger issue within the financial market and national security. The failure of FINRA and the SEC to regulate and enforce the laws has caused severe harm to countless retail investors and put the entire market at risk. It is not just MMTLP that is affected by these practices – any security traded on the U.S. stock market is potentially vulnerable to similar nefarious actions. Retirement accounts, 401ks, IRAs, and even college funds are all at risk due to these predatory market practices. So make no mistake about it, this is an EMERGENCY, AND IT AFFECTS YOU. Counterfeit shares hurt us all, and we cannot allow these practices to continue. We implore everyone to demand accountability and transparency from FINRA, the SEC, the DTCC, and other regulatory bodies, and to support efforts to reconcile ALL COUNTERFEIT shares to the authorized amount through a predetermined trading period with independent oversight.
Only through these actions can we restore trust and integrity to our financial markets and ensure that such a devastating situation never happens again. The regulatory bodies must take responsibility for their failure to protect retail investors and enforce the law. Additionally, the entities who allowed this to transpire must buy back the counterfeit shares and clean up the mess they created. This will be the ultimate fine, this is how you allow the free market system to resolve this, and this will be the most efficient way to make sure it never happens again because this will FORCE the need for more oversight. We must hold them accountable and make them pay for their mistakes, so that we can ensure a fair and just market for all. As of April 3rd, 2023, it has been over 115 days and counting since this situation began, and it will NOT end until we have justice.
Thank you very much for reading our story.
Written by “Drew Diligence” [email protected] @FreeCommercials on Twitter