• Breaking News: FINRA Responds to Open Letter

    FINRA has responded to the open letter with a lengthy document as reported by Ralph Norman’s office.

    An archived copy of the FINRA response will be saved here.

    Norman indicated that there is as of yet no response from Gary Gensler or the SEC.

    The community is digesting the letter and issuing individual tweets on different sections on X.

    Reminder that Ralph Norman will be on Dennis Kneale’s podcast tomorrow to discuss this.

    As the community has had time to read the disingenuous response, several community members are sounding off.

    John Brda points out that FINRA has admiited that shares can be held overseas and FINRA has no idea what those numbers are and has no jurisdiction. If this is the case, how can they even tell us what the number of short positions are in MMTLP?

    User Prox2001 points out that FINRA does have authority in the USA over their “members” such as brokers E-trade, Fidelity, etc. Half of their response letter talks about how they can’t give data on overseas participants. Ok fine, lets start with the USA participants. They are obfuscating.

    And perhaps the largest BS in the FINRA response has to do with share count. FINRA says they have no way to give us this data. Community Member Marcos makes some great points in regards to this.

    User Methuselah points out with an audio clip of Former Chief from the SEC office of Internet Enforcement John Reed Stark on how easy it is to get blue sheet and trading data.

    User RareDD has made an impressive lengthy video in response to FINRA’s letter talking about corporate actions which is worth watching to understand the truth.

    And finally, if you just want to sit back and relax and have someone go through the whole FINRA response and point out all the BS, watch this great livecast recording with Houston Wade.

    Of course it’s important to mention that we are hearing (CRICKETS) when it comes to any response from Gary Gensler. So far there has been no response from the SEC at all.

    Representative Norman said on a recent podcast that he will be seeking a subpoena to get more answers.