Rep. Ralph Norman
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Rep. Ralph Norman, R.-S.C., takes on FINRA and the SEC
NEW YORK, NY, UNITED STATES, February 5, 2024 /EINPresswire.com/ -- Congressman Ralph Norman of South Carolina called for congressional hearings on what happened to 65,000 investors in a stock known as MMTLP, in an exclusive interview on the podcast "What's Bugging Me."
In an interview with host Dennis Kneale, Rep. Norman champions the cause of investors who have mounted a fierce campaign demanding an explanation from regulators who issued an emergency halt to all trading in their stock over a year ago, wiping out their investment.
The case has highlighted complaints about "naked short selling, involving shares that don't really exist.
Norman delivered a letter, signed by 74 congressmen, asking detailed questions about the matter at the Financial Industry Regulatory Authority (FINRA) and its overseers at the Securities and Exchange Commission. The deadline for answers was Jan. 31, and the FINRA response was inadequate, Rep. Norman says. The SEC didn't respond at all, he reports.
"No response from the SEC, and we're still waiting, which is really incomprehensible," Rep. Norman says on the podcast. FINRA says to get a share count, "we need to get the SEC involved," he says, and it " is amazing you can't get this from the SEC. And then on top of it, we're calling them, they're not calling us."
"Shareholders don't deserve this," he says.
Rep. Norman says the next step is to seek congressional subpoenas of trading data in MMTLP and related stocks directly from the SEC. He also aims to conduct public hearings in Congress to dive deeper into what went wrong and how MMTLP investors got hurt--and how this can be fixed.
The latest episode of "What's Bugging Me" is available on Ricochet, here: https://podcasts.apple.com/us/podcast/whats-bugging-me/id1657007934
And on Apple Podcasts, here: https://ricochet.com/podcast/whats-bugging-me/non-answers-and-evasions-wont-do/
S. Ladouceur
Dennis Kneale Media
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