Ex-Lottery.com Executive Pleads Guilty to Securities Fraud

Ex-Lottery.com CEO Vadim Komissarov has admitted to fraudulently promoting nearly 300,000 shares of his firm for over $600k. [Image: Shutterstock.com]

Responsible as charged

The US Legal professional’s Workplace for the Southern District of New York (USAO-SDNY) has revealed that ex-Lottery.com CEO Vadim Komissarov has pleaded responsible to securities fraud.

artificially inflating income

US District Choose Alvin Okay. Hellerstein heard Komissarov’s plea on Tuesday, through which he admitted to promoting nearly 300,000 Lottery.com shares in 2021 for over $600,000 after artificially inflating income.

The USAO-SDNY took to X to quote US Legal professional Jay Clayton as stating falsifying income to dupe buyers was “unacceptable”:

Komissarov was CEO of blank-check agency Trident Acquisitions Corp, which merged with Lottery.com in 2021 to take the lottery ticket gross sales firm public. 

The CEO, nonetheless, fiddled his accounts to push the merger by and later lied about his firm’s monetary standing earlier than the FBI arrested him in February 2025.

In deep

Komissarov’s sale of Lottery.com shares in 2021 got here months earlier than his particular function acquisition firm (SPAC) Trident instructed buyers it had uncovered accounting irregularities.

“overstated unrestricted money” by roughly $30m

After going public, Lottery.com quickly bumped into hassle with the Securities and Change Fee (SEC). In a July 2022 submitting, Trident instructed the SEC it had “overstated unrestricted money” by roughly $30m and incorrectly “acknowledged the identical quantity in income the earlier fiscal 12 months.”

After receiving a SEC subpoena from the SEC, Komissarov referred to as Trident’s then-Chief Monetary Officer Ryan Dickinson and then-Chief Income Officer Matthew Clemenson, so he might “sync” his “clock” with them.

In line with the USAO-SDNY, Komissarov instructed the previous execs: “Guys, you do perceive, you say that I used to be concerned with this transaction … if Trident and me particularly knew about it, then I’m in deep, deep, deep, deep water.” 

Komissarov added: “So, should you come out and say that I used to be concerned, then I’m in deep shit.”

Courtroom experiences state that the vexing transaction was a bogus $9m deal cobbled collectively by Komissarov and made to look like a authorized business transaction.

Federal prosecutors additionally declare that Komissarov sought to impede the SEC’s investigation by way of a sworn testimony he gave the physique in 2024 through which he’s accused of giving false and deceptive solutions about his function within the $9m deal.

Repercussions

Dickinson and Clemenson each pleaded responsible to securities fraud in Might 2025, whereas Komissarov faces as much as 20 years in jail when he attends his sentencing in June.

Lottery.com, in the meantime, survived its shaky begin and is at present rebranding to the Sports activities Leisure Gaming International Corp.

The corporate issued an announcement final month declaring that it had “utterly cleaned home, carried out substantial modifications to its administration group, governance framework, inside management setting, and … turn into totally compliant with the SEC.”