The
@USGAO has failed in their duty to review the SEC's oversight of FINRA!!!
Image 1 shows FINRA CEO Robert W. Cook telling Rep. Ralph Norman and over 70 other members of Congress that FINRA U3 halted MMTLP due to the "timing and structure" of the MMTLP Corporate Action.
Images 2 - 4 show Next Bridge Hydrocarbons CEO Greg McCabe, former Metamaterials CEO George Palikaras, and former Torchlight CEO John Brda, all explaining that FINRA overstepped their role of merely processing or deeming the Corporate Action submission deficient.
Instead FINRA unilaterally changed the Corporate Action, published it causing investors to make investing decisions based on the changes FINRA made, then FINRA halted trading due to the "timing and structure" of the Corporate Action that FINRA changed.
According to FINRA's Rule 6490, if there are issues related to settlement and clearance ("timing and structure"), then FINRA may deem the Corporate Action submission deficient, giving the issuer/company an opportunity to make changes/appeal.
Nowhere in the rule does it say FINRA is allowed to do what they did in the case of MMTLP, and there are no other known examples of this ever occurring.
So given that the MMTLP Fiasco has been one of the biggest Stock Market related issues since 12/9/22, how is it that it was never addressed in the US Government Accountability Office's 2024 triennial report on the SEC's oversight of FINRA?
The FINRA CEO responding to an open letter from over 70 plus members of Congress is too big of an occurrence for GAO to claim they weren't aware.
FINRA didn't adhere to their rule, the SEC ignored this, and US GAO didn't hold them accountable.
How do you not see a problem with this?
@TheJusticeDept @laralogan