• Six Year Old Video Incriminates FINRA

    A video from 2018 contains information that counters FINRA’s own recent responses on MMTLP.

    The Retail Investor Fraud Roundtable featured FINRA staff such as Cromwell Coulson and Chris Stone.

    The first clip talks about corporate actions.

    It appears FINRA states that with rule 6490 they can declare a corporate action “deficient” and not process it if they feel there may be settlement issues. Isn’t that exactly what FINRA said the problem was? Why did they process the corporate action if they thought it was going to lead to a settlement issue, when they just said they won’t?

    FINRA recently said that before the U3 Halt they didn’t talk to anyone– no market participants, broker dealers or anyone else. They halted because of settlement issues.

    In the above video, Cromwell Coulson stated the exact opposite regarding how halts go down. He stated they always talk to market makers and participants before exercising a U3 halt. Which is it?

    So what happened with MMTLP? Did they go against their own rules or did they lie to Congress?

    Props to Kurtis for uncovering all this information. The summit video is long, and community members are still going through it.

    Hollywood Henry has made the full summit video available at this link. Watch it now before it’s scrubbed into oblivion.

    Updates will be posted here as they are released.