- Alt5 Sigma appointed its third auditor in two months after firing a previous firm that reportedly lacked a valid license to practice.
- The company faces a Nasdaq delisting risk for missing financial deadlines while dealing with the fallout of a subsidiary’s money laundering conviction in Rwanda.
- Despite the internal turmoil and a major management purge, Alt5 remains tied to a 1.5 billion dollar deal with the Trump-linked World Liberty Financial crypto project.
Alt5 Sigma Corp., a Las Vegas fintech tied to a Trump family-linked crypto token deal, has changed auditors again.
In a regulatory filing Monday, Alt5 said it fired Victor Mokuolu CPA PLLC on Dec. 25, fewer than three weeks after hiring the firm, and named L J Soldinger Associates LLC as its new auditor. Alt5 said there were no disagreements.
Victor Mokuolu CPA PLLC also told the US Securities and Exchange Commission (SEC) it no longer serves as auditor and reported no disagreements. Founder Victor Mokuolu declined to comment.
Notice that The Financial Times reported Monday that Victor Mokuolu CPA PLLC’s licence to practice lapsed in August, which would have disqualified it from auditing Alt5’s books. Texas regulatory records show Mokuolu’s own licence is current.
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Internal Turmoil
The company has cycled through three auditors in under two months after missing a quarterly filing deadline and reshuffling senior leadership; earlier in November, Alt5 missed the deadline to file its quarterly report, blaming delays that included audit-related timing and responsiveness issues.
According to Bloomberg, its prior auditor since 2023, Hudgens CPA, resigned in late November. Managing partner William Hudgens later said the firm was exiting public-company audits and accused Alt5 of misplacing blame for internal problems.
Alt5 drew attention in August after signing a US$1.5 billion (AU$2.29 billion) agreement to buy tokens issued by World Liberty Financial (WLF).
Alt5 has also disclosed that a subsidiary was found criminally liable for money laundering in Rwanda, and in November it dismissed senior executives including its acting chief executive and chief financial officer, Jonathan Hugh, and chief operating officer Ron Pitters.
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