Petition Created by the #AMC #APEARMY to have the SEC investigate market manipulation of $AMC stock.
Dear SEC and President Biden,
I am calling on you 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 GME and AMC 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, GME and AMC stock prices are actively being manipulated using a mechanism called "short ladder attacks" to depress the price of these stocks in contravention of 15 U.S.C.A. § 78i. "Short ladder attacks" occur when large institutions in possession of the aforementioned stocks sell them for just less than market value in rapid succession between one another in order to drive the price down. The fact that short ladder attacks exist is apparent from on-going market activity that can be seen here
(Check this from the huge dip last Thursday. No volume but still an enormous dip in price)
check this out
Such blatant attacks readily 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."
I am calling on you to do your job. The direct manipulation of GME and AMC stock prices is an on-going crisis that directly hurts the public interest and is AGAINST THE LAW. You must act now before it is too late.
Your Average Retail Investor
- You can read and sign the petition at the following link here Change.org $AMC