Date of Publication: June 25, 2026, 12:27h.
Last Updated: June 25, 2026, 12:27h.
- Vadim Komissarov, a former executive at Lottery.com, received a 36-month prison sentence after confessing to securities fraud linked to the company’s 2021 SPAC merger.
- According to prosecutors, he played a key role in artificially inflating Lottery.com’s financial statements with a fraudulent $9 million deal with Datassure and subsequently misled SEC investigators.
- The judge mandated Komissarov to forfeit over $607,000 obtained from stock transactions, while his legal team argued that others bore greater responsibility for the fraudulent activities.
A previous executive at Lottery.com was sentenced to three years in federal prison on Wednesday for securities fraud, admitting he misled investors by inflating the company’s revenue figures.
At 54, Komissarov served as CEO of Trident Acquisitions Corp., a SPAC that merged with Lottery.com in 2021, bringing the lottery platform public during the height of the SPAC trend.
Court records reveal that Komissarov manipulated financial data to facilitate the merger and later made false claims about Lottery.com’s financial status.
He also fabricated a fictitious $9 million transaction with Datassure, a B2B software firm, designed to create the illusion of a legitimate business deal to inflate the company’s financial results.
Inflated Claims
In mid-2022, Komissarov sold nearly 300,000 shares of Lottery.com for over $600,000, just months before the company revealed accounting discrepancies to its investors.
After becoming publicly traded, Lottery.com faced scrutiny from the SEC, along with lawsuits from investors and management turmoil.
A July 15, 2022 filing disclosed that the company had exaggerated its available cash by approximately $30 million and had incorrectly recognized a similar amount in revenue in the prior fiscal year.
Komissarov was also charged with obstructing the SEC investigation by providing false information regarding his involvement in the questionable transaction.
His defense contended that the Datassure deal was negotiated prior to his engagement with Lottery.com and suggested that other individuals bore more guilt. Nevertheless, prosecutors asserted that Komissarov subsequently collaborated to enact the fraudulent $9 million transaction.
‘In Over His Head’
The defense team also pointed out that both the former CFO of Lottery.com, Ryan Dickinson, and CRO, Matthew Clemenson, had pleaded guilty to securities fraud in May 2025 and agreed to cooperate with federal authorities.
“It raises questions as to why we find ourselves in this situation when the two most culpable individuals are cooperating,” noted defense attorney Jay K. Musoff, as reported by Bloomberg Law.
Komissarov received a sentence lighter than the five years recommended by prosecutors. He is also required to undergo three years of supervised release following his prison term and forfeit over $607,000 gained from the sale of Lottery.com shares.
“It appears that we have an individual who found himself amidst economic challenges and, instead of coming clean, chose a criminal path to address it,” the judge remarked.