Apr. 17, 2026
Subject: Formal Public Comment on the Concept Release on the Consolidated Audit Trail (CAT) and Regulatory Failures To the Securities and Exchange Commission: I am submitting this comment to formally denounce the SEC's ongoing failure to protect retail investors and its apparent complicity in market manipulation. The current management of the Consolidated Audit Trail (CAT) is a distraction from the systemic corruption and regulatory capture within the Commission. 1. Destruction of Evidence and Selective FOIA Suppression It is a matter of grave concern that a former SEC Chairman's phone records were deleted just prior to a Congressional investigation. While these records were purged, incidental text messages surfaced through FOIA requests, exposing a culture of concealment. Furthermore, the SEC has engaged in "surgical strikes" against FOIA requests related specifically to MMTLP. By denying MMTLP-related FOIA requests that fall below the average volume while using the "C2 Alaska" situation as a smokescreen to hide and manipulate evidence, the SEC is obstructing justice. These actions reveal a deliberate attempt to evade oversight and destroy public records. 2. Systematic Violation of DOJ FOIA Guidelines The SEC has unlawfully consolidated and summarily dismissed hundreds of legitimate FOIA requests regarding MMTLP. This practice is a direct violation of the Department of Justice (DOJ) FOIA guidelines. By treating the public's right to information as a nuisance to be managed rather than a legal obligation, the SEC is acting as if it is above the law and its own established protocols. 3. Improper Influence and Lobbying by FIF regarding NBH/MMTLP Evidence obtained through FOIA requests reveals that the Financial Information Forum (FIF) actively lobbied the SEC to withhold approval of the Next Bridge Hydrocarbons (NBH) S-1 filing. It is incomprehensible that a regulatory body would take direction from private lobbying groups to obstruct a corporate filing. The fact that FIF's influence appears to override the SEC's own regulatory mandate is a clear indication that these actions were coordinated specifically to suppress the truth behind the MMTLP scandal and protect those responsible for the trading halt. 4. Failure to Enforce SEC Rule 15c3-3 and FTD Negligence The Commission's refusal to address the rampant abuse of SEC Rule 15c3-3 is inexcusable. Based on industry data and internal SEC correspondence obtained via FOIA, it is evident that brokers are routinely lending out fully-paid customer shares to facilitate aggressive short selling. Despite the skyrocketing number of Fails-to-Deliver (FTDs), the SEC remains paralyzed, choosing to protect short sellers from a "short squeeze" rather than enforcing the rules against naked shorting. This negligence confirms that the SEC is prioritizing the survival of predatory institutions over its legal obligation to protect individual shareholders. Conclusion The SEC has discovered fraud through FINRA Blue Sheet data yet allowed manipulative trading to continue for over a year. By hiding behind FOIA Exemption 7(A) and blaming external entities like FINRA during Congressional testimony, the SEC has forfeited its credibility. You are not "balancing" regulatory needs; you are facilitating the theft of retail capital. Investors will not stop until there is full transparency, the cessation of illegal short-selling protection, and accountability for the destruction of public records.