Vadim Komissarov, a former Lottery.com executive, has been indicted and charged with fraud by engaging in a scheme to defraud investors.
The former CEO of Trident Acquisitions Corp. (TDAC), whose company merged with online lottery company Lottery.com in 2021, deceived investors by manipulating financial information while also generating a $9 million transaction under an alias.
According to a release from the office of the United States Attorney for the Southern District of New York, Komissarov is officially charged with engaging in a scheme to defraud TDAC investors and investors in Lottery.com Inc. by publicly reporting false and misleading revenue business information.
In a statement, Acting US Attorney Matthew Podolsky said:
As alleged, Vadim Komissarov, the former CEO of Trident Acquisitions Corp., engineered sham transactions and reported false and misleading revenue, all to ensure his SPAC merger went through and to make himself wealthy. To make matters worse, he tried to cover up his crimes by lying to the SEC under oath. This Office, and our partners at the FBI, will continue to pursue executives of public companies, including executives of SPACs, who defraud unsuspecting investors.
Komissarov was arrested on Feb. 19.
It’s been a newsworthy few weeks for Lottery.com, which is also dealing with a lawsuit accusing it of fraud in collaborating with the Texas Lottery.
Komissarov lied about Lottery.com’s financial status
According to the charges, Komissarov engaged in a scheme to defraud TDAC investors from November 2020 through May 2022.
He reported false and misleading information about the revenue and business of Lottery.com while being a stakeholder. He then sold shares of Lottery.com before others realized the reality of the company’s financial status.
On such transaction of stock saw Komissarov make $9 million under an alias of “Vlad.”
Once aware of the situation, the Securities and Exchange Commission (SEC) began to investigate Lottery.com and Komissarov. In a recorded call, Komissarov reportedly told other Lottery.com executives in a phone call that he needed to “sync his clock” with them to stay out of legal trouble. According to the charges, Komissarov said the following:
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 . . . . So, if you come out and say that I was involved, then I am in deep s***.
Komissarov is also accused of obstructing the SEC investigation by providing false and misleading information during sworn testimony in November 2024.
Lottery.com named in separate Texas lawsuit
Just prior to the indictment of Komissarov, Lottery.com was named in a lawsuit accusing it of working with the Texas Lottery Commission (TLC), and its former director Gary Grief, to commit fraud.
Dawn Nettles, founder of LottoReport.com, filed the lawsuit, which alleges that Grief traveled to California in 2017 to lure the founders of Lottery.com to conduct their business in Texas. Once that began, Nettles alleges the two worked together as a criminal entity.
The lawsuit notes that Lottery.com founder Ryan Dickerson had 142 winning Texas Lottery tickets over the course of three years, including a pair of $50,000 Powerball wins in 2020 and 2021.
The company is also accused of being involved in an April 2023 Lotto Texas drawing that saw a group of investors named “Rook TX” that won the $95 million jackpot by purchasing nearly every outcome of the game through the help of couriers. Overall, the purchase was nearly $26 million to win a lump sum of $57.5 million.
Previously available in over a dozen states, it’s unclear just what Lottery.com currently offers in terms of US and Texas Lottery sales. On its website, the company advertises:
Lottery.com is a leading technology company that is transforming how, where and when lottery is played. Our engaging mobile and online platforms enable players and commercial partners located in the U.S. and internationally to remotely purchase legally sanctioned lottery games.
However, on the homepage, Lottery.com says “Available Soon” while only featuring images of Texas Lottery games. Earlier this month, Lottery.com announced its intentions to sell lottery tickets in Europe and Africa through its business-to-business sales platform.
TLC announces lottery courier ban
Just weeks after the lawsuit from Nettles, another Texas Lotto jackpot was won by a courier user. Jackpocket reported that one of their customers purchased 10 tickets of the drawing, which was an $83.5 million jackpot.
Already with lawmakers taking a closer look at couriers due to the concerns of sales taking place outside the state and outside the US, this recent win drew even more negative attention for the industry.
Lt. Gov. Dan Patrick made a visit to the winning retail location, Winner’s Circle, which was owned by Jackpocket. He left the facility calling on the TLC to act.
Days later, TLC Commissioner Clark Smith stepped down from his position with four more years left in his term.
That was followed by the TLC issuing a press release last Monday saying it was moving to ban couriers in the state. The release stated:
Lottery ticket courier services are not allowed under Texas law and that the agency will move forward with proposed rule amendments prohibiting lottery courier services within the state. The Policy is effective immediately and aligns with legislative efforts to address serious concerns raised by players and state leadership regarding the integrity, security, honesty and fairness of lottery operations.
The TLC also noted that any retailer working with a courier would have its sales license revoked.
Multiple courier services operated in Texas as of last week, providing online sales of retail lottery tickets. That included draw games and select scratch tickets in the case of three couriers.
About the Author
