Ex-SPAC Boss Owns Up to Part in Lottery.com Income Scam

A former leader of a special purpose acquisition company (SPAC) has admitted guilt in a New York federal court. He played a part in a plot that deceived investors before Lottery.com went public.

Fake Revenue Reports Behind Lottery.com SPAC Deal, Former CEO Admits

Vadim Komissarov, who once led Trident Acquisitions Corp., confessed to securities fraud. This fraud, linked to fake financial reports that helped clear the path for Trident to join forces with online lottery platform Lottery.com in 2021. Prosecutors said these tricks created a false picture of strong business results at a key time when shareholders needed to approve the deal.

Court documents show Komissarov and his associates increased Lottery.com’s reported revenue through several fake transactions from late 2020 to mid-2022. One major example involved a $9 million “roundtrip” payment. This was set up to look like real income but ended up going back to its source, providing no actual financial benefit.

Officials said these inflated figures were included in public reports filed with the Securities and Exchange Commission (SEC). Komissarov signed off on or allowed these as Trident’s top executive and financial officer. These disclosures were used to convince investors that the company they wanted to buy was making a lot of money.

After the merger, Komissarov sold 300,000 Lottery.com stock shares for over $600,000. This happened months before the company admitted to major accounting errors linked to inflated revenue and cash figures.

Prosecutors Say Ex-SPAC Boss Obstructed SEC Probe in Lottery.com Case

The SEC expanded its probe by issuing subpoenas to obtain documents and testimony. Prosecutors claim Komissarov tried to hinder the investigation by aligning stories with top Lottery.com executives to minimize his role in the fake deals. He also gave false statements during his sworn testimony in 2024, according to the government.

Two former Lottery.com executives – the company’s chief financial officer and chief revenue officer – had already pleaded guilty in connection with the same fraudulent actions.

US Attorney Jay Clayton said the case showed how the government aims to hold company leaders responsible when they mess with financial results and block regulatory oversight. He said they would keep cracking down hard on people who mislead public markets, whether through SPACs or regular listings.

Lottery.com, which once said it was a digital link between consumers and state-run lottery systems, now faces more legal problems, lawsuits from investors, and changes in leadership. The company said it was rebranding and claimed to have changed its management and rules to follow regulations.Komissarov, 54, could go to prison for up to 20 years. The court will decide his sentence on June 24, 2026.