Wing H Comment On Regulatory Notice 21-19
I am writing to FINRA to comment today, pursuant to 15 U.S.C.A. § 78i, titled Manipulation of Security Prices, to prohibit manipulative and deceptive tactics that artificially depresses the price of AMC Entertainment and other securities in contravention of the laws of the United States. Section 78i(a) clearly states that "It shall be unlawful for any person, directly or indirectly, by the use of the mails or any means or instrumentality of interstate commerce, or of any facility of any national securities exchange, or for any member of a national securities exchange -- (2) To effect, alone or with 1 or more other persons, a series of transactions in any security registered on a national securities exchange, any security not so registered, or in connection with any security-based swap or security-based swap agreement with respect to such security creating actual or apparent active trading in such security, or raising or depressing the price of such security, for the purpose of inducing the purchase or sale of such security by others." Currently, AMC stock price is actively being manipulated using fake shares and mechanism called "short ladder attacks" to depress the price of the stock in contravention of 15 U.S.C.A. § 78i. "Short ladder attacks" occur when large institutions in possession of the aforementioned stock sell them for just less than market value in rapid succession between one another in order to drive the price down. Further, information coming to light most recently shows huge discrepancy between the open market price in AMC and the price for the same quoted in the Dark Pool. On 10 June 2021 AMC closed at NYSE $42.81, compared to the price over $1500 quoted in the Dark Pool. The discrepancy on this scale highlights the enormity of market manipulation to the detriment of retail investors. Such practices establishes prima facie case of market manipulation and must be investigated by the SEC immediately. Further silence from the SEC on this matter, which can be investigated quite quickly, not only encourages further market manipulation but also further diminishes public trust and faith in the U.S. Government. Finally, section 78i(f) makes it clear that "Any person who willfully participates in any act or transaction in violation of subsections (a), (b), or (c) of this section, shall be liable to any person who shall purchase or sell any security at a price which was affected by such act or transaction." The direct manipulation of AMC stock and other securities prices is an on-going crisis that directly hurts the public interest and is AGAINST THE LAW. We therefore urge you act as a matter of URGENCY now before it is too late.