最新报道：After a report surfaced this week alleging that the U.S. Securities and Exchange Commission (SEC) was investigating Jon Isaac for fraud in a multi-billion dollar deal between Alt5 Sigma and World Liberty Financial, Isaac refuted the allegations and distanced himself from the company's leadership team. Following an investigation into the matter, BeInCrypto discovered that Isaac and Alt5 Sigma (formerly known as JanOne Incorporated) were part of another ongoing SEC investigation. In 2021, regulators charged Isaac with financial and disclosure fraud. Alt5 Sigma Investigation Earlier this week, news broke that Alt5 Sigma, which secured a $1.5 billion deal with President Donald Trump's World Liberty Financial, was under investigation by the U.S. Securities and Exchange Commission (SEC) for potential fraud. The allegation stemmed from a news report published by The Information, which alleged that the company's presumed president, Jon Isaac, engaged in deceptive practices, including inflated earnings and stock manipulation. Currently, the SEC has not confirmed any new investigations into Alt5 Sigma. BeInCrypto was unable to track down relevant documents. However, it did locate another SEC lawsuit filed against Isaac in 2021. Ongoing SEC Case Against Live Ventures Isaac is a Las Vegas-based venture capitalist and entrepreneur who currently serves as CEO of the publicly traded company Live Ventures Incorporated. Following allegations this week that he participated in the Alt5 Sigma-WLFI trading fraud, Isaac refuted the allegations on social media. In a post titled "X," he denied any leadership role in Alt5 Sigma and clarified that he currently serves only as a principal at Live Ventures. He did, however, acknowledge that he owns over 1 million shares of Alt5 Sigma. Alt5 Sigma clarified on its social media that it is "unaware of any current SEC investigation into its activities." However, these posts omitted key details. Alt5 Sigma currently lists Jon Isaac's father, Tony Isaac, as a director on its website. While Tony Isaac is not named as a defendant in the SEC lawsuit, his management role directly ties the family to Alt5 Sigma. In 2021, the SEC charged Live Ventures and JanOne (another publicly traded company) with a series of fraudulent misrepresentations. Jon and Tony Isaac were directly implicated: Jon was the CEO of Live Ventures, and Tony was the CEO of JanOne and a member of Live's board of directors. In 2024, JanOne changed its name to Alt5 Sigma. The SEC's charges against the two companies are extensive. Allegations of False Earnings and Stock Manipulation In August 2021, the SEC formally charged Jon Isaac and Live Ventures with multiple reporting violations. These violations included overstating revenue and earnings per share, stock promotions and secret transactions, and undisclosed executive compensation. The filing also alleges that Virland Johnson, Live and JanOne's chief financial officer, aided and abetted Isaac. Despite repeated attempts by BeInCrypto to confirm with the SEC whether the investigation was still ongoing, no immediate response was received. However, according to public documents, the case remains active. To put the timeline into context, the SEC alleges that Isaac orchestrated a transaction in 2016 to boost Live Ventures' fiscal year earnings. The SEC argues that Isaac's strategy fraudulently created the appearance that negotiations had begun before the end of the year. The transaction generated $915,500 in fraudulent "other income" and boosted Live's 2016 pre-tax income by 20%. According to the SEC, Isaac profited from the rise in Live's stock price. During this period, Live Ventures stated in a press release that 2016 was the company's most successful year. The regulator alleges that Live and Isaac inflated earnings per share by 40% by improperly understating the number of shares outstanding. In addition, the SEC alleges that Isaac hired a stock promoter to boost interest in Live Ventures, exacerbating the market impact. According to court documents filed in the U.S. District Court for the District of Nevada, Isaac's legal team strongly denied and refuted these allegations. Independent of the lawsuit, Live's stock price rose significantly in the final months of 2016. A Case of Overcompensation and Underreporting The SEC investigation also alleges that Live Ventures, Isaac, and Johnson misrepresented the date of Live's acquisition of ApplianceSmart, a new subsidiary of JanOne Incorporated. After the acquisition,Live Ventures allegedly recognized more than $3.7 million in "bargain purchase gains" in the first quarter of 2018. A gain is a profit recorded when a company acquires another business at a price below the value of its assets. The SEC alleges that without this gain, Live Ventures would have reported a loss-making quarter. The lawsuit also alleges that Isaac understated his executive compensation in key disclosure documents filed with Live Venture shareholders. According to the SEC, the company reported that Isaac received only $162,000 in additional compensation between 2016 and 2018. In reality, he apparently received nearly double that amount. Isaac's Ongoing Relationship with Alt5 Sigma While the investigation into Isaac is ongoing, the SEC has requested that Jon Isaac and Johnson be barred from serving as officers or directors of public companies if they are convicted. Because Tony Isaac is only mentioned as a person of interest in the lawsuit and not as a defendant, these requirements do not apply to him. Despite not holding a direct leadership position at Alt5 Sigma, a 2024 SEC filing by the company documented a formal business relationship between Isaac, Johnson, Live Ventures, and Alt5 Sigma. The document detailed a two-year consulting agreement between Isaac and Alt5 Sigma, which began in March 2024. Isaac's responsibilities included providing strategic financial advice, sales and business development guidance, and holding weekly conference calls with management. It also revealed that Isaac Capital Group and Live Ventures were creditors of Alt5 Sigma while it operated as JanOne. Isaac's promissory note debt was converted into 465,753 shares in December 2024. This conversion emphasizes that Isaac remains a significant shareholder, and even though he publicly distances himself from Alt5 Sigma, his financial interest remains deeply tied to the company. Meanwhile, Alt5 Sigma's website does not list Johnson in a leadership position. However, Johnson signed a 2024 SEC filing in March 2025 as the company's CFO.