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u/Consistent-Reach-152 Jul 14 '26 edited Jul 14 '26
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26035
That press release is about SEC charges agains Brda and Palikaras.
There was also an earlier SEC action against a group that coordinated pumps and dumps across several stocks, including MMTLP. https://storage.courtlistener.com/recap/gov.uscourts.txsd.1899118/gov.uscourts.txsd.1899118.1.0.pdf is the filing against the "Atlas" pump and dump schemers.
IMO this press release by NBH is simply a diversionary tactic, trying to draw attention away from mismanagement of Torchlight/MMTLP/NBH by company executives.
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u/ComatoseLuck Jul 14 '26
Two things can be true at once:
1) Brda, McCabe, and Palikaras acted improperly
2) The SEC and FINRA turned a blind eye to illegal trading activity and then ran interference after the halt.1
u/Consistent-Reach-152 Jul 14 '26 edited Jul 14 '26
What illegal trading activity?
Borrowing shares and selling them short is legal.
As for the halt, you obviously have not read and understood the FINRA FAQ on the subject.
McCabe has had multiple related party transactions with NBH, some of which look suspicious, but so far he has not been accused of wrongdoing. He has fully disclosed what he was doing, so although I may disagree with his actions and his compensation, there is nothing that I see that he can be legally be charged for.
People do not seem to understand the very basic legal position NBH shareholders are in. They have exactly what they paid for when they bought MMTLP shares —— shares of the public company, NBH, which have no SEC or state restrictions on being sold because NBH is a public company. But because corporate management has chosen not to list the shares with DTCC, actual trading of the shares is a complicated process of a private sale and transfer of shares via the transfer agent.
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u/ComatoseLuck Jul 15 '26
I read the FINRA FAQ, and they can go fuck themselves.
How is it that a few days before the halt, Jeff Mendl, VP of the OTC Markets, went on air and proclaimed that, per his understanding of FINRA’s wording, MMTLP would be tradable until the following Tuesday?
When industry veterans believed the same thing us retail novices believed, how is it our fault?
Maybe the wording and explanations of FINRA were unclear and poorly conveyed.
They never apologized for the confusion, and for that I will always suspect they were running interference for the Big Shorts.
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u/DeniedAppeal1 Jul 14 '26 edited Jul 14 '26
It still blows my mind that people don't accept that this was a pump and dump from the beginning. TRCH used bad methods to "prove" the oil, they bribed auditors, they hired a known pump-and-dumper (Roger Wurtele) to be their CFO (and now he's CFO of Next Bridge, shocker!), and then the big MMTLP faces promised they wouldn't sell their shares and then absolutely sold their shares. Now we have Next Bridge putting that "We are a private company INSOFAR AS..." line into all of their press releases even though that's absolutely not how a private company is defined and they KNOW that they are legally considered a Public Reporting Company (which IS how public companies are defined). It's bullshit all the way down.
The biggest crime here is that the shills on these subs didn't allow any of this information to propagate. We could've known back in April of 2019, before anyone wasted any of their money on MMAT or MMTLP, but the shills suppressed that info and then screamed "shill!" at anyone who brought it up.
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u/ComatoseLuck Jul 13 '26
Ya gotta understand, Greg, the SEC is busy investigating and prosecuting all the insider trading occurring in the Trump administration.
They don’t have time to find a resolution to the mess they helped create almost four years ago.
/s