ALT5 Sigma, a partner in the Trump family's crypto project World Liberty Financial, said in a filing with the Securities Exchange Commission (SEC) that its CEO was officially suspended on October 16, but internal emails revealed that the company's board of directors had actually placed him on temporary leave as early as September 4. Several securities regulatory experts said that such a significant difference in timing may have violated information disclosure rules. The same email also revealed that Chief Revenue Officer Vay Tham was also placed on leave at the same time, due to the special committee of the board of directors investigating certain matters related to the company. According to SEC regulations, a public company must disclose a material change (Form 8-K) within four business days of an executive's actual cessation of duties, which could constitute an anti-fraud violation if the company knowingly submits false or misleading information.
In August, ALT5 Sigma amassed $1.50 billion of WLFI tokens in a revolving transaction, with more than $500 million estimated to have ended up with entities linked to President Trump.
WLFI reserve company ALT5 Sigma will be investigated for violating SEC disclosure rules
2025-11-21 16:40:46
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