Retail investors are preparing for a demonstration outside the SEC headquarters in Washington, D.C. The event, Occupy SEC 2023, is scheduled for Jan. 27-28 from 10 a.m. to 4 p.m. Eastern. Event organizer Mike Mynar, a popular stock commentator, has been garnering support for the event through social media.
Mynar has described the event as an “educational awareness rally” on Twitter. While several posts around Occupy SEC 2023 focus on the D.C. headquarters, Mynar has encouraged retail investors to rally outside other regional SEC offices, such as in Miami, Florida.
What should attendees be expecting from the event? Let’s take a closer look.
Occupy SEC 2023: What to Know
Twitter account @MMATNEWS shared links to two documents regarding Occupy SEC 2023. One includes a media pitch for reporters, stating:
“The Objective of this protest is to demand change from the SEC (U.S. Security and Exchange Commission) and have them protect Retail Investors, and Companies listed on stock exchanges from illegal ‘naked shorting’ and short selling misconduct.”
The pitch also links to a blog post from Mynar on CEOBLOC, an initiative launched by Creatd (NASDAQ:CRTD). Creatd launched CEOBLOC to unite corporate executives and shareholders against naked short selling.
Naked short selling is the practice of selling shares that investors don’t own or that don’t exist. Although it’s been illegal since the 2008 financial crisis, there are still loopholes that exist.
Now a growing group of retail investors is demanding that the SEC take action.
Business leaders including Roger Hamilton, CEO of Genius Group (NYSEMKT:GNS), a company that has recently been taking action against short sellers, are leading the charge too. Hamilton recently launched an investigation into alleged naked shorting due to “[suspicions] of trading irregularities regarding Genius shares.” Helbiz (NASDAQ:HLBZ) has also joined the fight. According to @MMATNEWS, its CEO Salvatore Palella is confirmed to attend Occupy SEC 2023. The tweet also states that Fox Business host Charles Payne will be providing live coverage of the event.
What Comes Next
Mynar did not respond to a request for comment from InvestorPlace as of this writing. But he has posted multiple videos to his YouTube channel that show him preparing for Occupy SEC 2023. “We are going to speak on behalf of retail traders around the world,” he stated in a recent video. “We are going to let the world know that we’re fed up and I can’t wait to do it.”
Anyone looking to attend the event can find ample information on Twitter by searching #OccupySEC2023.
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On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.