Former Lottery.com SPAC Boss Admits Securities Fraud
Posted on: February 4, 2026, 07:58h.
Last updated on: February 4, 2026, 07:58h.
- Former SPAC executive admits securities fraud tied to Lottery.com merger
- Prosecutors say fake revenue and obstruction misled public market investors
- Two senior Lottery.com executives previously pleaded guilty in same scheme
A former Lottery.com executive pleaded guilty to securities fraud in a Manhattan federal courtroom Tuesday. Previously, Vadim Komissarov had denied hoodwinking investors in the lottery ticket sales company by artificially inflating revenue.
Komissarov, 54, was CEO of Trident Acquisitions Corp (TDAC), a blank-check company that merged with Lottery.com in 2021 to take the ticket sales platform public at the height of the SPAC craze.
Prosecutors said Komissarov manipulated financials to secure the merger and later lied about the company’s health. He was arrested by the FBI in February 2025.
The company’s former CFO, Ryan Dickinson and CRO, Matthew Clemenson, both pleaded guilty to charges including securities fraud in May 2025.
Losing Ticket
In mid-2022, Komissarov sold nearly 300,000 Lottery.com shares for more than $600,000, months before the company told investors it had uncovered accounting irregularities, according to the indictment.
After going public, Lottery.com struggled, later facing SEC investigations, investor lawsuits, and internal management upheaval.
In a July 15, 2022 filing, the company told the SEC it had overstated unrestricted cash by about $30 million and improperly recognized the same amount in revenue the previous fiscal year.
After receiving a subpoena from the SEC for documents and testimony in connection with its investigation, Komissarov called Dickinson and Clemenson so he could “sync” his “clock” with them, according to court documents.
Guys, you do understand, you say that I was involved with this transaction … if Trident and me specifically knew about it, then I am in deep, deep, deep, deep water,” Komissarov said, according to the indictment. “So, if you come out and say that I was involved, then I am in deep shit.”
The transaction in question was a sham $9 million deal cooked up by Komissarov and structured to look like a legitimate commercial transaction, prosecutors allege.
They also claim he sought to obstruct the SEC’s investigation. In sworn testimony to the SEC on November 20, 2024, he is accused of giving false and misleading answers about his role in the transaction.
Lied Under Oath
“He manufactured fraudulent revenue and then obstructed the SEC’s investigation, including by lying under oath,” US Attorney Jay Clayton said in a statement. “Whether it be SPACs or any other capital raising vehicles, when executives fabricate revenue and mislead our markets, this Office and our partners will pursue them vigorously.”
Lottery.com is currently rebranding to Sports Entertainment Gaming Global Corp. The company said in a statement last month that it had “completely cleaned house, implemented substantial changes to its management team, governance framework, internal control environment, and … become fully compliant with the SEC.”
Komissarov faces up to 20 years in prison, with sentencing scheduled for June.
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