Former Lottery.com CEO Arrested on Fraud Charges, Faces 20 Years

Federal agents arrested Vadim Komissarov, the former Lottery.com executive, last week. He was charged with artificially inflating revenue to deceive investors. 

Komissarov, 53, and New York resident, was CEO of Trident Acquisitions Corp (TDAC). This company merged with Lottery.com in 2021 to take them public.

Per federal agents, Komissarov manipulated financials to make the merger happen and then lied about the business. 

He put together a fake $9 million transaction using the alias “Vlad,” per prosecutors. 

Komissarov Sold Shares Just Before Accounting Error Disclosure

In mid-2022, Komissarov sold about $300k of Lottery.com shares for more than $600k months before they disclosed the accounting errors, per the indictment. 

“Vadim Komissarov allegedly tried to secure a winning ticket by developing an elaborate scheme comprised of inflated profits, falsified transactions, and perjurious statements to sell company shares,” said FBI Assistant Director in Charge James E. Dennehy.

“Komissarov allegedly abused his authority as the company’s CEO to conjure a facade of success and interfere with an investigation into his suspected misconduct,” Dennehy added.

What happened was that Lottery.com struggled after going public. It faced SEC investigations, investor lawsuits, and management issues. 

In an SEC filing on July 15, 2022, Lottery.com admitted it overstated its available unrestricted cash by about $30 million. 

Komissarov: “I Am in Deep, Deep, Deep, Deep Water”

Following a subpoena from the SEC, Komissarov called two Lottery.com executives so he could “sync” his “clock” with them. 

“Guys, you do understand, you say that I was involved with this [sham $9 million] 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.”

On top of this, Komissarov attempted to obstruct the SEC’s investigation. 

For example, on Nov. 20, 2024, he provided sworn testimony, giving false and misleading answers about his involvement. 

The charges are aplenty and include: 

• One count of conspiracy to commit securities fraud
• One count of making false and misleading statements in proxy statements
• One count of false filings with the SEC
• One count of securities fraud
• Five counts of making false and misleading statements in proxy statements
• One count of obstruction of justice
• One count of perjury

If convicted, he faces up to 20 years in prison.