Published on: February 4, 2026, 07:58h. 

Updated on: February 4, 2026, 07:58h.

• Ex-SPAC executive pleads guilty to securities fraud relating to Lottery.com merger
• Prosecutors accuse him of misleading public investors through false revenue and obstruction
  
• Two top Lottery.com executives have previously admitted guilt in the same scheme

A former executive at Lottery.com entered a guilty plea for securities fraud in a federal court in Manhattan on Tuesday. Formerly, Vadim Komissarov had denied deceiving investors associated with the lottery ticket sales company by artificially inflating revenue figures.

At the age of 54, Komissarov served as the CEO of Trident Acquisitions Corp (TDAC), a special acquisition company that merged with Lottery.com in 2021 to publicly list the ticket sales platform during the peak of the SPAC trend.

According to prosecutors, Komissarov manipulated the company’s financial information to facilitate the merger and later misrepresented the company’s financial wellbeing. He was arrested by the FBI in February 2025.

The former CFO, Ryan Dickinson, and CRO, Matthew Clemenson, of Lottery.com faced similar charges, both admitting guilt in May 2025.

Unfortunate Investment

In mid-2022, Komissarov sold nearly 300,000 shares of Lottery.com for upwards of $600,000, just months prior to the company informing investors of accounting discrepancies, as stated in the indictment.

After its public offering, Lottery.com encountered various challenges, including SEC probes, lawsuits from investors, and shifts within the management team.

In a filing dated July 15, 2022, the company informed the SEC that it had artificially exaggerated unrestricted cash by approximately $30 million and incorrectly acknowledged the same amount in revenue for the previous fiscal year.

After receiving a subpoena from the SEC for documents and testimony related to the investigation, Komissarov allegedly contacted Dickinson and Clemenson to “sync” their timelines, according to court documents.

“Gentlemen, you must understand, if you state that I was involved in this transaction… if Trident and I were aware, then I am in serious trouble,” Komissarov noted as per the indictment. “If you declare that I was involved, I will face significant repercussions.”

The transaction in question was a fraudulent $9 million agreement allegedly devised by Komissarov, structured to appear as a legitimate transaction, according to prosecutors.

They also accused him of attempting to obstruct the SEC’s investigation. During sworn SEC testimony on November 20, 2024, he is alleged to have provided false and misleading information regarding his involvement in the transaction.

Perjury Allegations

“He created fictitious revenue and obstructed the SEC investigation, including providing false testimony,” stated U.S. Attorney Jay Clayton. “Regardless of whether it involves SPACs or other capital-raising methods, when executives fabricate earnings and mislead the market, this Office and our partners will take rigorous action against them.”

Lottery.com is in the process of rebranding as Sports Entertainment Gaming Global Corp. The company announced last month that it had “completely revamped its management, made significant changes to its governance structure, improved its internal controls, and … achieved full compliance with the SEC.”

Komissarov may face a maximum of 20 years in prison, with the sentencing date set for June.