The Gateway Pundit spoke with Julianne Jay, a fair market activist and $MMTLP shareholder, who says tens of thousands of investors have been defrauded, their assets frozen, while regulators like the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have remained largely silent. and continue to deny transparency. According to Jay, her account “illustrates how compromised our system of self-regulation is, threatening the future of all Americans.”
He said that “if regulators fail to provide transparency to victims harmed by their actions, their silence and deflection raise serious concerns about the integrity of markets and the wider financial system.”
Recently, Robert F. Kennedy (RFK), Jr., addressed what Congress called “The MMTLP Fiasco” by reposting “Thirteen good questions @FINRA needs to answer.”
@RobertKennedyJr
$MMTLP #MMTLPfiasco #WeAreNotGoingAway pic.twitter.com/RkQdltDZM4— BusyBrands  (@busybrands) September 24, 2024
This post highlights critical questions that remain unanswered about trading and stopping $MMTLP, according to Jay.
$MMTLP
Thirteen good questions @FINRA have to answer about #MMTLPfiascoThe relationship between Ari Rubenstein, Robert Cook, Gary Gensler, DTCC & elected officials should be made public.
We need to find an honest person among all these thieves and or make this… pic.twitter.com/rOABVIBtmt
— BusyBrands  (@busybrands) August 29, 2024
“Kennedy’s repost brings new attention to this financial scandal, which is much bigger than Madoff and FTX combined,” Jay continued. To give context to the repost, he summarized RFK’s reference to the failure. “Criminal companies are undermining the integrity of our capital markets and deceiving investors of their investments, savings, pensions, and financial independence,” he said. What’s more, he said, “Sitting above these companies is a group of regulators tasked with protecting investors and the integrity of the market, (and) sadly, these regulators are creating companies that are destroying them.”
In June 2021, Torchlight Energy Resources, Inc., executed a reverse merger with Meta Materials Inc. As part of the deal, a special dividend—Series A Preferred Share ($MMAT1)—was distributed to investors. These dividend shares are Torchlight’s oil and gas assets. According to the company’s SEC filings and public statements, the dividend shares were never intended to trade. However, the oil and gas will be sold or spun-out to other companies at a later date. “To the surprise of companies and investors,” said Jay, “in October 2021, FINRA gave $MMAT1 a new ticker ($MMTLP), and trading began on the Over-The-Counter (OTC) Market.
“Why do regulators allow stocks to trade without the company’s knowledge or permission?” Jay was surprised. He explains, “Short selling is a strategy where you borrow shares at one price, sell them to the market, buy shares at a lower price to return to the lender, and pocket the difference.” According to him, “Short sellers did not close their positions in $TRCH. It seems, they broke the rules by trading $MMTLP to allow short sellers – who are on the hook for significant responsibilities – the opportunity to escape from the financial calculation at the expense of investors every day.
Jay pointed out, “Things didn’t go as planned, (as) Short sellers thought we were going to panic and sell. They underestimated investor sentiment, and given the opportunity, we bought more – more. What exactly did investors buy? 165, 5 million shares have been distributed, most investors are unwilling to sell, and according to him, they are buying more. “Many investors are selling fake shares,” he added. “$MMTLP appeared on the Securities List Threshold for forty days in a row…twice.”
Jay noted, the Threshold Securities List is compiled by the regulator and tracks transactions that fail over several consecutive days. Failed transactions, also known as Failure-To-Delivers (FTDs), occur when buy or sell orders fail to complete. When it comes to short selling, FTDs can occur when the short seller fails to provide locates for the shares they borrowed, he explained.
And according to him, “Regulators know. A large number of FTDs, over a long period of time, is a strong indicator of illegal short sales,” he said. “This criminal behavior, and the unwillingness of regulators to enforce the rules, has polluted our capital markets with fake stocks.”
“Company stock values ​​trade on the principle of supply and demand,” Jay shared. More supply and less demand, prices fall. Less supply and higher demand, prices rise. “When you have an infinite supply,” he said, “that principle is broken, (and) short sellers can drive the price of securities wherever they want to make a profit.” But according to him, “This is not what the investors signed up for. There is nothing free or fair about it.”
Although whistleblowers continued to contact regulators, Jay said, $MMTLP traded for more than a year. In June 2022, the oil and gas assets of Torchlight are set to spin-off to Next Bridge Hydrocarbons (NBH), whose shares will not be traded. After a comprehensive four-month review of the planned spin-out by the SEC, FINRA issued instructions to the investment public on December 6, 2022. FINRA’s corporate action explained who is qualified for NBH shares, and announced that it was the last day to sell. $MMTLP shares will be if investors do not want to transition their investment to non-trading companies.
“FINRA told investors that we can sell our shares on December 9 and 12., (and) also our brokers,” Jay pointed out. “For many of us, this was a plan. I didn’t want to be a long-term investor in an oil and gas exploration company, but I saw an opportunity to take advantage of the price increase as the shorts closed positions, so after FINRA launched a corporate action, I bought them. said.
“Unfortunately, for investors, that’s not how this saga plays out,” Jay said. On December 9, 2022, FINRA issued a $MMTLP trading halt two days prior to the company’s action. According to a FINRA press release a few hours later, “extraordinary events have occurred or are occurring that have caused or have the potential to cause significant uncertainty in the settlement and clearing process…”
“In addition to issuing a cease and desist,” said Jay, “FINRA’s UPC (Uniform Code of Practice) Committee has the responsibility to review the company’s conduct. “If the committee has concerns about investor confusion or uncertainty, or if it suspects fraud, it has an obligation under Rule 6490 itself, to determine ‘deficient’ corporate conduct and return it to the issuer for resolution,” said Jay and the FINRA website. But that did not happen, and FINRA did not resolve the issue.
Jay pointed out that emails obtained through a Freedom of Information Act (FOIA) request “show that FINRA and the SEC have concerns about potential fraud, but they have failed to act to protect investors.” He noted, “FINRA has three different investigative groups and the SEC partner that communicated about $MMTLP, (adding that) their concerns were reasonable until December 5th, just one day before issuing the first corporate action that tells us we can trade. .”
According to FINRA’s website, the Electronic Blue Sheet (EBS) provides regulatory agencies with the ability to analyze a company’s trading activity to detect fraud. What does EBS reveal? Jay said, “We don’t know yet because regulators refuse to provide information to companies, investors and even Congress.”
“They knew something was wrong,” he said. “They pulled out the blue sheet, saw an incredible number of short positions, but did not allow the ‘free’ market to solve the problem, regardless of the infinite risk for the short sellers, they went ahead with spin-outs and trapped investors in non-profit companies. -trade,” he said. He concluded, “FINRA is either incompetent to allow fraud to continue, or they are colluding to protect short sellers. Either way, they are unworthy regulators, especially those with immunity.
In the meantime, $MMTLP has been deleted, and according to Jay, “investors have been forced into non-trading companies. Our shares have been replaced with IOUs, and our funds are frozen with the value set to $0.
“Many investors’ requests to secure shares and rights to oil and gas assets by transferring to the NBH transfer agent continue to be rejected,” said Jay, crying, “They are interfering with our property rights.”
In response to a lot of anger, 74 congressional lawmakers sent SEC Chairman Gary Gensler and FINRA CEO Robert W. Cook an open letter asking for a certified count of all $MMTLP shares. On February 6, 2024, Rep. Ralph Norman posted on X, “Just received this empty response from the SEC regarding #MMTLP. 6 days late and useless. ABSOLUTELY UNACCEPTABLE!!!” Despite this pressure, Jay said, Congress and investors have not received a clear response, causing further questions about the integrity and weaponization of the regulator against investors.
It’s been more than 650 days since FINRA stopped and removed $MMTLP and there are still settlement issues, Jay said. Despite the attacks and threats made by advocates of investors like Jay, the fight continues. “What are they hiding?” he asked. “Either investors are being scammed with fake shares, or they’re not. It’s really simple. What’s the share count? Let’s start there.”
In his final declaration, Jay said, “We’re not going away.”
