• New Term To Learn: Wells Notice

    All the community is a buzz today with new information about a Wells Notice. Let’s look at what it is and what it means.

    Today everyone was notified that John Brda and George Palikaras were served with a Wells Notice.

    A Wells Notice is a notification issued by regulators to inform individuals or companies of completed investigations where infractions have been discovered. It usually takes the form of a letter, which notifies recipients both of the broad nature of the violations uncovered as well as the nature of the enforcement proceedings to be initiated against the recipient(s).

    So why have John Brda and George Palikaras being issued these notices? Goeojr listed a consolidation of the alleged violations sections.

    These are the specific sections referenced in the Wells Notice. But we simply don’t know the focus of the case at this time. We just know it’s an investigation into the merger of TRCH and MMAT. It may or may not even have to do specifically with MMTLP, it could be due to some other factor related to the companies merging.

    We all know there are many things that MMTLP can be investigated for — how about the fact that it wasn’t supposed to even trade? Again, is this the reason for this investigation? We don’t know.

    It could also be a strike back by FINRA/SEC because they are feeling the pressure from our community and they are basically doing everything they can to fight back against these efforts.

    Some community members are quite happy about the Wells Notice seemingly thinking that this will give our community discovery into our case. We urge caution in this thinking because we just don’t have enough information at this point.

    Rare DD posted a Bard response below which explains this in some simpler terms.

    Attorney Mark Basile’s words in a space call was simply to not panic. We are hopeful we will hear from John Brda and/or Wes Christian and Flamethrower about this in the near future to learn more.

    Our advice: Wait and See. After 228 days we’re all getting pretty good at that.