Trump-Linked Crypto Firm ALT5 Sigma Faces Scrutiny Over Unlicensed Auditor: FT

Nasdaq-listed ALT5 Sigma is facing renewed scrutiny after a report found that the company’s newly appointed auditor is currently barred from performing audits due to an expired license.

According to the Financial Times, ALT5 Sigma moved to replace its previous auditor this month after failing to file its third-quarter financial results by the required deadline.

The company appointed Victor Mokuolu CPA PLLC, a small Texas-based accounting firm that regulators say does not currently hold an active firm license.

ALT5 Sigma’s New Auditor Barred From Audits After Firm License Lapses

State filings cited by the FT show the firm’s license expired in August and had not been renewed as of late December, preventing it from conducting audit work under Texas regulations.

While founder Victor Mokuolu renewed his personal CPA license on Aug. 31, the firm itself remains inactive until the licensing process is completed.

ALT5 Sigma acknowledged the issue, telling the FT that no reviews or audits of its financial statements will be issued until the firm’s license is reactivated.

The company said its auditor is undergoing a mandatory peer review overseen by the Texas State Board of Accountancy, with completion expected by the end of January.

The episode adds to a growing list of compliance concerns surrounding ALT5 Sigma, which has undergone several strategic pivots in recent years, transitioning from an appliance recycling business to biotech and later to fintech and crypto.

The company is backed by World Liberty Financial, a Trump-family-linked crypto venture.

Regulatory records cited in the report indicate that Victor Mokuolu CPA PLLC has previously missed filing deadlines, drawing enforcement action from the Public Company Accounting Oversight Board and state authorities.

In 2023, the firm was fined for failing to notify regulators of multiple public company audits, with additional penalties imposed in 2024 for similar violations.

Nasdaq Delisting Risk Grows

ALT5 Sigma’s operational challenges are already weighing heavily on its stock. Shares are down more than 77% since the start of 2025, reflecting mounting investor unease as the company struggles to meet disclosure requirements.

The firm now faces potential delisting from Nasdaq after missing the deadline to file its quarterly report for the period ending September.

Governance concerns have also intensified following the resignation of board member David Danziger, leaving the company out of compliance with audit committee requirements related to size and accounting expertise.

Earlier this month, analysts and investors raised alarms over inconsistencies in the company’s SEC filings, particularly around the timing of its previous auditor’s resignation.

The situation was further complicated when Eric Trump, who was expected to join ALT5 Sigma’s board as part of its partnership with World Liberty Financial, was instead limited to an observer role following discussions with Nasdaq.

Last month, Alt5 Sigma also removed two top executives following concerns about long-running legal issues at the company.