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Meta Materials Inc

Meta Materials Inc (MMAT)

2.99
0.07
(2.40%)
Closed July 12 4:00PM
2.99
0.00
( 0.00% )
Pre Market: 4:00AM

Your Hub for Real-Time streaming quotes, Ideas and Live Discussions

Key stats and details

Current Price
2.99
Bid
2.85
Ask
3.09
Volume
13
0.00 Day's Range 0.00
1.80 52 Week Range 27.50
Market Cap
Previous Close
2.99
Open
-
Last Trade
13
@
2.97
Last Trade Time
04:00:10
Financial Volume
-
VWAP
-
Average Volume (3m)
1,047,289
Shares Outstanding
6,695,536
Dividend Yield
-
PE Ratio
-0.08
Earnings Per Share (EPS)
-59.48
Revenue
8.27M
Net Profit
-398.23M

About Meta Materials Inc

Meta Materials Inc delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Its extensive technology platform enables global brands to deliver breakthrough products to their customer... Meta Materials Inc delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Its extensive technology platform enables global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Show more

Sector
Semiconductor,related Device
Industry
Crude Petroleum & Natural Gs
Headquarters
Carson City, Nevada, USA
Founded
2021
Meta Materials Inc is listed in the Semiconductor,related Device sector of the NASDAQ with ticker MMAT. The last closing price for Meta Materials was $2.99. Over the last year, Meta Materials shares have traded in a share price range of $ 1.80 to $ 27.50.

Meta Materials currently has 6,695,536 shares outstanding. The market capitalization of Meta Materials is $20.02 million. Meta Materials has a price to earnings ratio (PE ratio) of -0.08.

MMAT Latest News

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
1-0.05-1.644736842113.043.072.85950642.97083041CS
4-0.11-3.548387096773.13.452.511197142.97875622CS
120.4919.62.54.41210472893.19991237CS
26-3.11-50.98360655746.191.845619106.61841038CS
52-15.76-84.053333333318.7527.51.8564922210.68149566CS
156-422.01-99.29647058824256551.87883375168.26423792CS
260-976.01-99.69458631269799971.88159632187.37867462CS

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MMAT Discussion

View Posts
1Bigmac 1Bigmac 18 hours ago
Shorty comes out:
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1Bigmac 1Bigmac 4 days ago
Know how to take a reservation:
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janice shell janice shell 4 days ago
Yep. Sad to say, they've dreamt up some crazy fantasy plot involving an attempt to manipulate a short squeeze. They still don't seem to understand that securities manipulation is illegal. And that there was never a big short in MMTLP anyway. Something like 4 million shares.

Absolutely crazy. It might help if they understood how shorting actually works, but they don't.

And of course the SEC is suing Brda and Palikaras for all that and more. This will not end well for them.
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Buckey Buckey 4 days ago
you made me watch this lol its on you i will never get those precious minutes back.

noone ever seems to answer me clearly. MMTLP was a spinoff to get private Torchlight shares That was it CORRECT? did you all get your shares? that was what it was I think. I dont care about price or about when halted, it was a divvy thats it.
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janice shell janice shell 4 days ago
If so, that's ridiculous. MMTLP never even traded in South Korea.

What a pitiful scam this is.
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1Bigmac 1Bigmac 4 days ago
KIWOOM:
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1Bigmac 1Bigmac 5 days ago
Who is getting to the bottom of this mess:
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1Bigmac 1Bigmac 5 days ago
From confusion to down right shady:
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janice shell janice shell 6 days ago
Yes. Very good explanation from Randi.
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Buckey Buckey 6 days ago
I think our friend has a very famous saying for that by James Randi

There exists in society a very special class of persons that I have always referred to as the Believers. These are folks who have chosen to accept a certain religion, philosophy, theory, idea or notion and cling to that belief regardless of any evidence that might, for anyone else, bring it into doubt. They are the ones who encourage and support the fanatics and the frauds of any given age. No amount of evidence, no matter how strong, will bring them any enlightenment. They are the sheep who beg to be fleeced and butchered, and who will battle fiercely to preserve their right to be victimized.
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janice shell janice shell 7 days ago
Yes, it's just nonsense. But there're a lot of true believers.
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Buckey Buckey 7 days ago
as we know the MOASS naked short selling story was always one of the largest myths out there and then Gamestop came along and enough people beleived and they ran the meme stocks through the roof.

But this naked short selling story telling so many tell is just a fabrication.
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janice shell janice shell 7 days ago
That's true. And remember, most of the excitement was about the silly MMTLP story.
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Buckey Buckey 7 days ago
Oddly enough not a single post here ever questioning that purchase at the time or perhaps not odd because noone ever seemed to give much consideration to the fundamentals of this one. Seen it a thousand times in the dot com boom and BUST.
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janice shell janice shell 1 week ago
There's a long article in All Nova Scotia about Meta's sale of Nanotech Security Corp. to Authentix. The company certainly took a bath. Paid $90.8 million Canadian for it; sold it for US $10 million.

Ouch...

https://www.allnovascotia.com/headlines?lineup=business&story_key=MTc4MTMx
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1Bigmac 1Bigmac 2 weeks ago
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1Bigmac 1Bigmac 2 weeks ago
Just a simple share count please:
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janice shell janice shell 2 weeks ago
Yes, it does. He actually understands this stuff, unlike the culties yelping about naked shorting.
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Jimmy Joe Jimmy Joe 2 weeks ago
Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs,

That explains everything Janice.
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janice shell janice shell 3 weeks ago
For heaven's sake, Buckey! That's just SILLY!!
💩 1 🤡 1
janice shell janice shell 3 weeks ago
Will a wells notice get us a SHARE COUNT:

Of course not.
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Buckey Buckey 3 weeks ago
Here is a thought and call me old fashioned and not with the times. What about running a company to say develop products or maybe even purchase by acquisitions products. then sell the products for more than they cost because that part is the profit part and then pay everyone and landlords and maybe have some left and that's called net profit for re-investing and growing the company and returning maybe a bit to shareholders .

No I am not drinking this early to come up with such a hairbrained idea.

seems all the whining to the SEC and politicians on the MOASS had an unintended consequence of these latest charges
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1Bigmac 1Bigmac 3 weeks ago
Will a wells notice get us a SHARE COUNT:
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janice shell janice shell 3 weeks ago
Oooooh, I've never even read Stocktwits. I have, though, always wondered if they know what the word "twit" means.
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trader59 trader59 3 weeks ago
Stocktwits is the mother lode. And, yeah, they think the SEC action is just a diversion to protect FINRA and keep those blue sheets secret...
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janice shell janice shell 3 weeks ago
There don't seem to be any MMAT longs, or MMTLP culties, left at IHub. The only ones left seem to be at Twitter/X.
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trader59 trader59 3 weeks ago
Saw you guys posting over here as well, so I copied my information from the DD board:

Don't confuse the SEC action with the fake short squeeze pump that was ended with the FINRA halt. There were two events, the merger of Torchlight and Meta Materials that is the subject of the enforcement action. When those two were merging, those 2 guys issued the preferred shares (non-trading) to the Torchlight shareholders so that they'd hold the equity in the fake oil drilling business. The story was they'd sell all those assets, and those preferred shareholders would get a dividend from it. The common stock got re-tickered, and holds equity in whatever the heck the Meta Materials business is. All that crap about the dividend forcing the shorts to cover, making a squeeze, etc., happened then.
Now, fast forward a bit, and those preferred shares suddenly start trading, FINRA assigns a ticker to it, nobody has admitted to filing whatever forms were required to get it. I personally think one or both of those guys got that done, since they had a significant holding of the preferred shares and wanted the dump them. Anyhow, those shares trade for awhile, and Meta Materials announces that they're spinning off the old Torchlight, lock, stock, and barrel, filing an S-1 to register stock for it non-publicly trading, with an intent to exchange the public MMTLP shares 1 for 1. When that's getting towards the end is when the 2nd fake short squeeze happened, heavy pumping across all social media about it, same lack of short interest, FTD's, etc. Leads up to the approval of the S-1, the FINRA halt, the pumpers crying foul (especial the social media video bloggers who were making a mint off their followers and still are today with their breaking news and other revelations), and the rest is history. Well, it should be history, maybe soon the SEC will indict the culprits of that one.
Anyhow, it was two events, and the SEC action is about the first one.
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janice shell janice shell 3 weeks ago
Yes. His conclusion is exactly right:

Because if you run an unprofitable publicly traded oil company with lots of cash needs and no proven oil reserves, a short-selling conspiracy theory is very valuable to you! If you can get shareholders to believe that (1) all your problems are caused by short sellers, (2) you have found a way to punish the short sellers and (3) your scheme will also push the stock price up, then those shareholders will buy a lot of stock and you can make a lot of money.5 This is all just as cynical as can be, tricking people into believing that the public markets are rigged against them by shadowy short sellers, in order to take their money yourself.

But as you say, the ones who need to listen, won't. I wonder, though, if the creeps making death threats are on the FBI's radar. That would be good.
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lucky, mydog lucky, mydog 3 weeks ago
good article. unfortunately most of the people who need to read it, won't.
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janice shell janice shell 3 weeks ago
I hope so too!
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1manband 1manband 3 weeks ago
Yes, I noticed that, too. I don't exactly know what it entails, but I would not be surprised if it involves further public pumping and dumping of the stock by certain different individuals and/or paid promoters online.

We all know that went on - hopefully the SEC will nail them down.
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janice shell janice shell 3 weeks ago
This is fun, from Bloomberg:

https://www.bloomberg.com/opinion/articles/2024-06-25/mmtlp-tried-squeezing-the-shorts?leadSource=uverify%20wall

OpinionMatt Levine, Columnist

MMTLP Tried Squeezing the Shorts

Also Hunterbrook, Hess/Goldman and corporate country music.
June 25, 2024 at 2:17 PM EDT
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janice shell janice shell 3 weeks ago
Finally, someone who gets it:

AND THIS IS WHY COMPANIES SHOULDN'T TRY TO ENGINEER SHORT SQUEEZES AND SWINDLE THE PUBLIC.

The $MMTLP story ends with the SEC charging the former CEOs. pic.twitter.com/7KxsOvKQ5r— Dizzy 🇵🇸 (@dizalifornia) June 25, 2024

They were trying to make the hedgefunds and market makers baghold this thing — you can't engineer a short squeeze and also promise assets that don't exist. While they themselves were selling & making millions!
Perhaps they could have gotten away with it if they hadn't verbally…— Dizzy 🇵🇸 (@dizalifornia) June 25, 2024
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janice shell janice shell 3 weeks ago
Yes. Seems Basile's "protected" his posts so only people he approves can read them.

https://x.com/BasileEsq
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janice shell janice shell 3 weeks ago
This part at the end is new, and potentially interesting:

A separate Commission investigation regarding subsequent events related to Meta Materials (MMTLP) remains ongoing. If you are an individual with information related to this investigation or any other related suspected fraud and you wish to contact the SEC staff, please submit a tip at SEC.gov.

But I'm afraid they've invited an avalanche of conspiracy stuff.
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lucky, mydog lucky, mydog 3 weeks ago
basile law firm. lolololol
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1manband 1manband 3 weeks ago
SEC Charges Meta Materials and Former CEOs with Market Manipulation, Fraud and Other Violations

https://www.sec.gov/news/press-release/2024-77

FOR IMMEDIATE RELEASE
2024-77

Washington D.C., June 25, 2024 —
The Securities and Exchange Commission today filed charges against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras. The company has agreed to settle the SEC’s charges in an administrative proceeding, while the SEC’s litigation against Brda and Palikaras will proceed in federal district court.

The SEC’s complaint against Brda and Palikaras alleges that, as a result of a concerted market manipulation scheme, Meta Materials, a Nevada corporation headquartered in Dartmouth, Nova Scotia, Canada, raised $137.5 million from investors in an at-the-market (ATM) offering in June 2021 immediately prior to the merger of Brda’s Torchlight Energy Resources Inc. and Palikaras’ Metamaterial Inc. that formed Meta Materials.

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, alleges that Brda and Palikaras planned and conducted the manipulative scheme that included, among other things, issuing a preferred stock dividend immediately before the merger. The complaint alleges that Brda and Palikaras told certain investors and consultants—and hinted via social media—that the dividend would force short sellers to exit their positions and trigger a “short squeeze” that would artificially raise the price of the company’s common stock. The SEC further alleges that Brda and Palikaras also misrepresented the company’s efforts to sell its oil and gas assets and distribute proceeds to preferred stockholders, giving investors a false impression of the value of the dividend. While investors held or bought the company’s common stock to receive the dividend, the complaint alleges, the company was cashing in by selling $137.5 million in an ATM offering at prices that the company, Brda, and Palikaras knew were temporarily inflated by their manipulative scheme. “We have two days,” the complaint alleges Brda told Palikaras after the first day of the ATM offering, “to take advantage of the squeeze...”

“The conduct we allege was a sophisticated, yet brazen plan by a public company and its former CEOs to purposely mislead investors in the company’s stock,” said Eric Werner, Director of the SEC’s Fort Worth Regional Office. “This conduct is particularly alarming because it involves public company CEOs who were more concerned with ‘burning the shorts’ than creating long-term value for shareholders.”

The SEC’s complaint charges Brda and Palikaras with violating the antifraud and proxy disclosure provisions of the federal securities laws, and charges Brda with aiding and abetting Meta Materials’s violations of the reporting, internal accounting controls, and books and records provisions. The complaint seeks permanent injunctions, officer-and-director bars, and civil penalties from both defendants. The complaint also seeks disgorgement with pre-judgment interest from Brda.

The SEC also instituted a separate administrative proceeding against Meta Materials, entering a settled order finding that Meta Materials violated the antifraud, reporting, internal accounting controls, and books and records provisions of the federal securities laws. Without admitting or denying the findings, Meta Materials was ordered to cease and desist from violations of the relevant provisions of the federal securities laws and to pay a $1,000,000 penalty.

The SEC’s investigation was conducted by Christopher Rogers and Ty Martinez of the SEC’s Fort Worth Regional Office under the supervision of Samantha Martin, B. David Fraser, and Mr. Werner. The SEC’s litigation against Brda and Palikaras will be conducted by Patrick Disbennett and supervised by Keefe Bernstein.

A separate Commission investigation regarding subsequent events related to Meta Materials (MMTLP) remains ongoing. If you are an individual with information related to this investigation or any other related suspected fraud and you wish to contact the SEC staff, please submit a tip at SEC.gov.
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tw0122 tw0122 1 month ago
Renewed Call For Action By Congress
Representative Ralph Norman and Pete Sessions issue a new letter to Gensler asking for a briefing.
A surprise letter dropped on Wednesday, June 5th, renewing a call for answers from Gary Gensler and the SEC on MMTLP. A copy of the letter will be archived here.

https://mmtlpresources.com/wp-content/uploads/2024/06/June52024-letter.jpg
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chumfm chumfm 1 month ago
This is after 2 years.A lot of BS,they knew that they had to supply a financial statement before filing.If I were a betting man,I'd say it never happened.They just want control of your shares.They will never file until they have control,so they won't have to pay anyone.Good luck and good trading.
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1Bigmac 1Bigmac 1 month ago
https://www.lelezard.com/en/news-21401384.html
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1Bigmac 1Bigmac 1 month ago
Next bridge: https://www.lelezard.com/en/news-21249748.html
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1Bigmac 1Bigmac 1 month ago
MMTLP to $25000 Dollars:
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janice shell janice shell 2 months ago
And now a financial company called Inter-Coastal Waterways LLC is suing Tradestation Securities, 10 "Doe defendants", and FINRA:

🚨🚨BREAKING NEWS🚨🚨
BASILE LAW FIRM FILES MAJOR FLORIDA RICO & SECURITIES FRAUD LAWSUIT AGAINST TRADESTATION ON BEHALF OF MMTLP INVESTOR. @BasileEsq @TBLF_LawFirm @JosephRoseEsq
Lawsuit Cites 12 Causes of Action:
1- Rescission Pursuant to Section 29(b) of the Exchange Act for… pic.twitter.com/RBxG7x8hjF— JunkSavvy (@JunkSavvy) May 24, 2024

You can read the complaint there.
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1Bigmac 1Bigmac 2 months ago
Who let the cat out?
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tw0122 tw0122 2 months ago
Market makers the FINEest companies out there lol. More so business as usual in the Casino where market maker money talks and bs walks.. Fines and more fines and move on to the next fine.. it’s the American way of doing the FINEest business.

Examples are infinite and FINEest

Citadel Securities paid a $115,000 fine for these 502,243 violations and walked away. Pretty crazy over 500,000 violations against retail traders and they are still in business.

The New York Stock Exchange charged Citadel Securities LLC with engaging in wash sales 502,243 times using its computer algorithms. A wash sale is where the buyer and the seller are the same entity and no change in beneficial ownership occurs. (Wash sales are illegal because they can manipulate stock prices up or down.) Citadel Securities paid a $115,000 fine for these 502,243 violations and walked away. That’s less than 23 cents per trade.
The SEC settled a case against Citadel Securities for $22.6 million in fines and disgorgements, alleging the following had occurred:

“…two algorithms used by Citadel Securities did not internalize retail orders at the best price observed nor sought to obtain the best price in the marketplace. These algorithms were triggered when they identified differences in the best prices on market feeds, comparing the SIP feeds to the direct feeds from exchanges. One strategy, known as FastFill, immediately internalized an order at a price that was not the best price for the order that Citadel Securities observed. The other strategy, known as SmartProvide, routed an order to the market that was not priced to obtain immediately the best price that Citadel Securities observed.”

More recently, Citadel Securities agreed to a $700,000 fine by Wall Street’s self-regulator, FINRA, for executing customer orders at prices worse than it traded for its own account. Citadel Securities was allowed to neither admit nor deny the charges. The activities occurred over a period of years.

FINRA fined Citadel Securities $180,000 for failing to mark 6.5 million equity trades as short sales. Citadel did not admit or deny the allegations but paid the fine.


How do the criminal hedge funds and market markets operate with illegal naked shorting.
“We did not apply or agree to have our shares traded on these exchanges, and we believe it is important to take action to get delisted and address our investors’ concerns.”


Market maker disguised criminality is rampant .. Citadel Securities was fined a total of $800,000 by its various regulators for serious trading misconduct. This is how the New York Stock Exchange described what Citadel had done:
“The firm sent multiple, periodic bursts of order messages, at 10,000 orders per second, to the exchanges. This excessive messaging activity, which involved hundreds of thousands of orders for more than 19 million shares, occurred two to three times per day.”
In addition, according to the York Stock Exchange, Citadel “erroneously sold short, on a proprietary basis, 2.75 million shares of an entity causing the share price of the entity to fall by 77 percent during an eleven minute period.”
In another instance, according to the New York Stock Exchange, Citadel’s trading resulted in “an immediate increase in the price of the security of 132 percent.”
In April 2015, Citadel issued a press release announcing that former Fed Chairman, Ben Bernanke, would move to the payroll of Citadel as an outside Senior Advisor. Bernanke presided over the largest secret bailout of Wall Street and foreign banks in U.S. history .
Barclays agreed to settle the charges by admitting wrongdoing and paying $35 million penalties to the SEC and the NYAG for a total of $70 million. 
Credit Suisse agreed to settle the charges by paying a $30 million penalty to the SEC, a $30 million penalty to the NYAG, and $24.3 million in disgorgement and prejudgment interest to the SEC for a total of $84.3 million. 
“These cases are SEC enforcement actions involving dark pools and other alternative trading systems. The SEC will continue to shed light on dark pools to better protect investors.

One of the latest developments in this saga is Citadel Connect, a dark pool operated by Citadel Securities.
Citadel Securities and Citadel Connect.
As the largest Designated Market Maker (DMM) on the NYSE, and accounting for 47% of US-based retail trading volume, Citadel Securities LLC also accounted for a significant portion of Robinhood’s Q1 2021 revenue thanks to Robinhood’s PFOF (payment for order flow) business model.


Pete Stock
@PeteStock11

Citadel 66B naked shorts borrowing is a systemic problem, in any other circumstances I would call for an epic short covering but Citadel book making operations like Madoff in 2008 leads me to believe when uncovered it will create a seismic shift which will destroy this market

https://twitter.com/PeteStock11/status/1618262439535185921?s=20


What is a Dark Pool and Can it Be Abused?
Alternative trading systems (ATSs) or dark pools are private exchanges that have liquidity benefits but can also obscure trades. Together with internalizers, they account for over 40% of the global equity market. Dark pools gained traction after 2005, following the SEC’s adoption of the Regulation NMS (National Market System). NMS modernized the stock market to make it as we know it today. Therefore, dark pools are completely legal and regulated.
However, they are called dark because orders don’t show up on the exchange’s order books. The obvious purpose of this feature is to stabilize the market, so that when large orders from institutionalized investors are placed other market players are not alerted. Otherwise, with the order size in the open – on the lit market – other participants would be able to trigger a downward price shift.
By preventing that from happening, dark pools increase liquidity and market efficiency. Nonetheless, the same way dark pools eliminate transparency by design, they can also obscure conflicts of interest which could lead to the market being manipulated. Here are some of the historical examples which demonstrate the ways in which dark pools have been abused:
• On October 3, 2012, SEC charged eBX LLC for failing to protect the confidential information of its subscribers, allowing third parties to use the information.
• On June 6, 2014, SEC charged a New York broker for mishandling confidential information and using it for marketing purposes.
• On January 15, 2015, SEC charged UBS Securities LLC for failing to disclose an order type that it pitched exclusively to market makers.
• On August 12, 2015, SEC charged ITG and AlterNet Securities for operating a secret trading desk and misusing confidential trading data.
• On January 31, 2016, SEC charged Barkley Capital and Credit Suisse for numerous violations, among them executing 117 million illegal sub-penny orders.
• On September 14, 2018, SEC charged Citigroup for misleading dark pool users and routing orders in other trading venues.
• On November 7, 2018, SEC charged ITG and AlterNet Securities again for similar violations as the last time.
This gives you an overview of the abuse range occurring in dark pools. With that said, as a private exchange, each private pool has its own rules and limits. For example, some only allow large orders or blocks, while others focus on high-frequency trading (HFT) which is how dark pools have grown in popularity in the first place.
The most common abuse found in dark pools is the so-called front running. With the knowledge that a trader is about to execute a trade, another trader can trade the stock – sell or buy – first and then sell it to satisfy the original request—at a profit.

Is Citadel Connect a Dark Pool?
Numerous reliable reports suggest Citadel Connect is indeed a dark pool. Interestingly enough however, Citadel Connect is not registered as an ATS, nor does it report its trading volume to FINRA, which is overseen by the SEC, per a 2015 Reuters report:
“Unlike Apogee, Connect is not classified as an “Alternative Trading System” and does not report volumes to FINRA.”
In the same article, Reuters had reported that Citadel Securities aims to shutter its previously registered dark pool called Apogee in 2015, as Citadel Connect had already outperformed it by five times. The market maker itself refers to Connect as an “off-exchange trading” or “Immediate-or-Cancel order (IOC) platform”.
It is clearly used for dark pool trading. Among its offering are the following features:
• Deep unique principal liquidity
• Minimizing market impact
• Smart order routing
These features align with the purpose of dark pools. However, the SEC Chair Gary Gensler differentiated between dark pools (ATSs) and off-exchange wholesalers, observing that:
“That leaves about 38 percent, most of which was executed by off-exchange wholesalers. Just seven wholesalers accounted for the vast majority of this group….”Within the off-exchange market maker space, we are seeing concentration. One firm has publicly stated that it executes nearly half of all retail volume.”
As you can see, the market is all about the flow of information and which entities have positioned themselves to best tap into this data flow.
“…as a significant and growing share of retail orders are routed to a small, concentrated group of wholesalers, certain market makers have more data than others.
As we’ve seen in many other parts of our economy, a few central actors gain advantage through the increasing use of data — whether in search, e-commerce, or in this case, the data from transaction flows.”

Citadel Is Paying for Order Flow from Nine OnLine Brokerage Firms – Not Just Robinhood

By Pam Martens and Russ Martens: February 4, 2021 ~

Since 2000, the Securities and Exchange Commission has required brokerage firms to file a quarterly report showing where they are routing their stock trades for execution. The filing is known as a 606 report after Rule 606 of Regulation NMS (National Market System). Because so many traders at Reddit’s WallStreetBets’ message board have focused on the fact that billionaire Ken Griffin’s Citadel Securities was executing the majority of trades for Robinhood, the trading app where a lot of the Redditors directed their GameStop trades, we decided to take a look at what other online brokers might have also been directing GameStop trades to Citadel Securities.
According to the 606 reports for the fourth quarter of 2020 for the following nine online brokers, Citadel was providing payment-for-order-flow (giving a cash rebate for trade orders directed to it) to each of the following: Robinhood, E-Trade, TD Ameritrade, Charles Schwab, WeBull, Ally Invest Securities, First Trade and TradeStation. At Fidelity Brokerage Services, it was directing stock and option orders to Citadel Securities but was only receiving payment-for-order-flow on the option orders, according to its 606 report.
According to these 606 reports, Citadel ranked as the number one venue for sending both stock and option orders at the following firms: Robinhood, TD Ameritrade, Charles Schwab, WeBull, Fidelity Brokerage Services and Ally Invest Securities. Citadel was the number one venue for options trades by E-Trade while ranking lower for stock trades. At First Trade and TradeStation, Citadel ranked number one for market orders for stocks (trades with no stated price limit) and number one for options.
The bottom line here: there was a high probability that no matter what online brokerage firm Redditors sent their GameStop orders to initially, Ken Griffin’s Citadel Securities was getting a piece of the action in the end. According to the website of Citadel Securities, “To maximize trading opportunities for clients, our automated trading platform sources liquidity from all U.S. exchanges and more than 18 alternative liquidity venues.”
That last sentence is what investigators want to look at. That is, what is the final destination of all of these Citadel Securities trades. “Alternative liquidity venues” may include Dark Pools which are in desperate need of some sunshine. (See GameStop Shares: Dark Pools Owned by Goldman Sachs, JPMorgan, UBS, et al, Have Made Tens of Thousands of Trades.)
Pay to play in the trading world has worked out very well for Griffin. According to Forbes, as of today, Griffin’s net worth is $15 billion. Forbes reported Griffin’s wealth at just $7.6 billion less than five years ago.
All that dough sloshing around in Griffin’s bank accounts has found some interesting destinations. Just ask U.S. Treasury Secretary Janet Yellen. Citadel paid Yellen $992,500 for speaking gigs since she stepped down as Fed Chair in February of 2018. Two of those events, on October 17, 2019 and December 3, 2019, commanded $292,500 each. Then, at the height of the pandemic in October 2020, Citadel paid Yellen $337,500 in total to speak at unspecified events on October 9; October 20; October 26; and October 27. Yellen’s disclosure form also lists a liability to Citadel of “$50,001 to $100,000,” owed as a refund for a cancelled event. Why she hasn’t paid that back yet is curious. [See updated information at end of this article.]
All of this comes from the jaw-dropping financial disclosure form that Yellen filed with the (try to contain your laughter) Office of Government Ethics in advance of her Senate Finance Committee Confirmation Hearing to become the U.S. Treasury Secretary.
Yellen’s cash haul for speaking gigs in 2019 and 2020 came to more than $7 million, with most of that coming from Wall Street firms and hedge funds. Yellen did not disclose her speaking fees in 2018.
Yellen is now rumored to be hauling together the SEC, the Fed, and the Commodity Futures Trading Commission this week to look into the trading in GameStop. In a rational world, Yellen would have to recuse herself from any matter involving Citadel. But when it comes to matters involving Wall Street, we left that rational world in 1999 with the repeal of the Glass-Steagall Act which allowed giant federally-insured banks to merge with Wall Street’s casino trading firms for the first time since 1933. It’s been downhill ever since.
Curiously, The Hill is reporting that the New York Fed is also to take part in Yellen’s private meeting with regulators. The New York Fed has absolutely nothing to do with stock or options trading or online trading platforms. What it does do is electronically print trillions of dollars to bail out Wall Street when it blows itself up, while being simultaneously owned by the mega banks on Wall Street. (See These Are the Banks that Own the New York Fed and Its Money Button.)
This is not the first time that Citadel has enriched the coffers of a recently retired Fed Chair. In April 2015, Citadel issued a press release announcing that former Fed Chairman, Ben Bernanke, would move to the payroll of Citadel as an outside Senior Advisor. Bernanke presided over the largest secret bailout of Wall Street and foreign banks in U.S. history.
Fortune Magazine reported that Citadel was holding secret meetings with the Fed during the Wall Street crisis, writing on December 9, 2008 that “Then there was the most damaging rumor of all: Griffin had been holding ‘secret meetings’ with the Federal Reserve, looking for a bailout.”
Wall Street On Parade attempted to find out whom Bernanke had met with during the crisis. We filed a Freedom of Information Act (FOIA) request and waited. When we received Bernanke’s daily appointment calendar in 2014, six long years after the peak of the crisis, it remained heavily redacted, with 84 meetings between January 1, 2007 and the collapse of Bear Stearns on the weekend of March 15-16, 2008 still blacked out.
When the announcement was made that Bernanke would join the payroll of Citadel, Bernanke was quoted as follows in the press release: “Citadel is a dynamic firm with tremendously talented people and a rigorous approach to research and investing. I look forward to adding my perspective on a range of issues affecting our global economy.”
“Rigorous” is not exactly what all those fines by regulators suggest.
On June 25, 2014, Citadel Securities was fined a total of $800,000 by its various regulators for serious trading misconduct. Citadel paid the fines in the typical manner, without admitting or denying the charges. This is how the New York Stock Exchange described what Citadel had done:
“The firm sent multiple, periodic bursts of order messages, at 10,000 orders per second, to the exchanges. This excessive messaging activity, which involved hundreds of thousands of orders for more than 19 million shares, occurred two to three times per day.”
In addition, according to the York Stock Exchange, Citadel “erroneously sold short, on a proprietary basis, 2.75 million shares of an entity causing the share price of the entity to fall by 77 percent during an eleven minute period.”
In another instance, according to the New York Stock Exchange, Citadel’s trading resulted in “an immediate increase in the price of the security of 132 percent.”
Read that and then look at this chart in GameStop over the past month:


Silver Spring, MD, Feb. 09, 2023 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, announced today that it has engaged Baker McKenzie, specifically their Frankfurt Office, a renowned law firm, to investigate the listing of its shares on five German stock exchanges (Munich, Frankfurt, Stuttgart, Berlin, Tradegate) as well as three other German trading venues. The move comes in response to serious concerns raised by investors over the lack of transparency and potentially detrimental effects on our share price on the Nasdaq, our primary market.
Charles Allen, CEO of BTCS, emphasized the Company's commitment to protecting its investors, particularly its over 35,000 retail investors. “Shares with primary listings outside the European Union (“EU”), including BTCS, are not protected by EU Regulations on Short Selling, which prohibits, among other things, naked short sales which would otherwise be illegal in both the United States and EU.” Allen continued “Our goal is to ensure that our securities trade in fair and transparent markets, and we are taking all necessary steps to achieve that. We did not apply or agree to have our shares traded on these exchanges, and we believe it is important to take action to get delisted and address our investors’ concerns.”
Baker McKenzie has been engaged to investigate when and who listed BTCS on these exchanges, and provide assistance in getting delisted from these exchanges. The Company is determined to provide a resolution to this issue and maintain the trust and protect its retail investors.
“Baker McKenzie is a global law firm with over 6,500 lawyers in more than 70 offices. For more than 70 years, they have helped clients solve their most complex legal challenges and achieve their business goals. With this level of experience and expertise, they are uniquely positioned to help us investigate our listing on these exchanges and provide assistance in getting delisted.” continued Allen.
About BTCS:?BTCS Inc. is a Nasdaq listed company operating in the blockchain technology

***The hedge funds been funding there nefarious naked shorting counterfeit schemes through crypto also**
First came to light with AMC and GME.
When you have time listen to the real crypto experts.


This was enlightening space call as the crypto experts got together and explained how FTX was used in the new tokenized world where corrupt market makers and hedge funds tokenize stocks outside of the US legally to naked short the crap out of US stocks with an infinite supply of tokens..Germany has been an attractive market used to short U.S. companies.. FTX was a huge donor to all Congress members so government needs distraction away from FTX

https://twitter.com/i/spaces/1MYxNgNOwnLKw


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lucky, mydog lucky, mydog 2 months ago
well-known analytics firm, Shareholder Intelligence Services, LLC

cyber ninjas? geez
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janice shell janice shell 2 months ago
Yes. Now they evidently want to waste money on Wes Christian. Sheesh.

Don't miss:

The Loony Conspiracy Theory Threatening Wall Street

Brandon Kochkodin
Forbes Staff

https://www.forbes.com/sites/brandonkochkodin/2023/06/22/the-loony-conspiracy-theory-threatening-wall-street/?sh=3e4580274ba1
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Buckey Buckey 2 months ago
has this company given any though to selling product and making profit or are we just going to chase this foolishness because this does nothing for the fundamentals other than make them worse paying some ambulance chaser

Meta Materials Announces Update on Naked Short Selling Investigation

HALIFAX, NS / ACCESSWIRE / May 20, 2024 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), an advanced materials and nanotechnology company, today announced an update on the short selling investigation undertaken in June of 2023.

In an initial press release from late June 2023, META outlined its preliminary analysis of potential naked short selling, and retained well-known analytics firm, Shareholder Intelligence Services, LLC to review trading patterns of the Company's common stock. Based on this analysis, and with zero tolerance for illegal naked short selling and other stock manipulation, META employed the services of law firms, Christian Attar and Warshaw Burstein (collectively "Lawyers") to determine merit of such claims.

Since June 2023, the Lawyers have conducted an exhaustive investigation and undertaken in-depth due diligence. The Lawyers have now concluded that META has meritorious claims for market manipulation against several parties. "I believe META has an actionable case in connection with its MMAT/MMTLP claims. We look forward to working with the company," noted James "Wes" Christian, partner with Christian Attar.

Noted META Board Chairman, Jack Harding, "We needed all available data (unearthed by these esteemed securities law firms) at our disposal to delineate stock manipulation, and by which parties. We are now equipped with the necessary information to act and will be further sharing these findings with regulatory agencies. Simultaneously, we expect to file legal proceedings in the coming quarters against the responsible financial service firms." META looks forward to releasing additional press releases as more information becomes available.
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cervelo cervelo 2 months ago
quite a jump for one day, must be a fluke like JS.
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janice shell janice shell 2 months ago
But lawsuits are FUN!!
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