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…