Legal Experts Are Alarmed the SEC Isn’t Investigating Trump-Linked Crypto Venture

The U.S. Securities and Exchange Commission could not find records of an investigation into AI Financial Corporation, formerly Alt5 Sigma, over the previous year, according to a Freedom of Information Act response obtained by POGO Investigates. AI Financial is the public company that cut a massive 2025 deal with World Liberty Financial, the Trump family crypto venture, and then saw its stock collapse as investors got hammered.

POGO Investigates also surfaced a previously unreported shareholder lawsuit that accused the AI Financial-World Liberty arrangement of “illegality,” “unjust enrichment,” and “avarice.” Former senior SEC trial counsel Howard A. Fischer told POGO Investigates the situation looked like “the paradigmatic securities fraud case,” adding that misrepresentations or omissions to public-company investors are the “meat and potatoes” of SEC investigative work. AI Financial’s spokesperson told POGO Investigates the company is not being investigated.

In an SEC filing covered earlier this year, the company said there was “substantial doubt” about its ability to continue as a going concern, which is corporate language for a business openly acknowledging it may not have enough runway to survive another year.