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ALT5 Sigma Announces Termination of Acting CEO and Chief Operating Officer
BlockBeats News, November 27, WLFI Reserve Company ALT5 Sigma, associated with the Trump family, announced that it has dismissed multiple executives, including interim CEO Jonathan Hugh and COO Ron Pitters. ALT5 Sigma stated that the dismissals were not related to any specific misconduct. Previously, on October 23, ALT5 Sigma CEO Peter Tassiopoulos was suspended by the board, and Jonathan Hugh was appointed as interim CEO. The company's stock price has since fallen 83% from its 52-week high.
On November 22, Forbes reported that ALT5 Sigma is under investigation for violating SEC disclosure regulations. The CEO was officially suspended on October 16, but internal emails indicate that the board had actually placed him on "temporary leave" as early as September 4. This significant timing discrepancy may have already violated disclosure rules. According to SEC regulations, public companies must disclose within 4 trading days (Form 8-K) of a significant change in executive responsibilities. Intentionally providing false or misleading information may constitute a violation of anti-fraud regulations.
In August of this year, ALT5 Sigma made a series of transactions to acquire a total of $1.5 billion worth of WLFI tokens, with an estimated over $500 million ultimately flowing to entities associated with President Trump.
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