ALT5 Sigma Denies SEC Probe Tied to Trump’s World Liberty Financial Partner

Speculation surfaced Tuesday after The Information reported that venture capitalist Jon Isaac was being probed over alleged inflated earnings and insider share sales linked to ALT5’s recent $1.5 billion corporate treasury deal with WLF.

ALT5 Sigma has been made aware of reports in the press and on social media. For the record: Jon Isaac is not –– and never was –– the President of ALT5 Sigma and he is not an advisor to the company. The company has no knowledge of any current investigation regarding its activities…

— ALTS (@ALT5_Sigma) August 19, 2025

Within hours, ALT5 issued a statement on X denying that Isaac had ever served as president or adviser to the firm, adding that it was unaware of any ongoing SEC inquiry. Isaac also took to X to deny the claims, stating he is not the company’s president and is not facing an investigation.

The controversy has intensified scrutiny surrounding Trump’s WLF and its affiliates, which have already been accused of insider trading and market manipulation. Market jitters quickly followed Tuesday’s report, dragging ALT5’s (ALTS) share price down 10.5% to $10.48. According to Yahoo Finance, the stock fell further in after-hours trading to $5.39 slipping below its August 12 price, when ALT5 unveiled its $1.5 billion share sale to seed WLF’s treasury.

Isaac, who previously “took over” ALT5’s predecessor JanOne before it went public through a U.S. merger and rebranded in 2024, currently serves as CEO of Live Ventures. He remains a shareholder in ALT5, holding more than one million shares valued at roughly $5.48 million, and said he continues to purchase shares daily.

While Live Ventures records list ALT5’s president and chairman as Tony Isaac Jon’s father, ALT5’s website names him only as a director. SEC filings from December, however, show Jon Isaac signed a two-year consulting agreement with ALT5 in March 2024. The agreement tasked him with advising on growth, restructuring, client acquisition, and new product development, as well as holding weekly calls with management.

The same filing revealed that Isaac held a $540,000 promissory note, later converted with accrued interest into 465,753 ALT5 shares on December 23, 2024.