Matthew Podolsky, Acting United States Attorney for the Southern District of New York, along with James E. Dennehy, Assistant Director in Charge of the FBI's New York Field Office, announced charges against Vadim Komissarov. The former CEO of Trident Acquisitions Corp., a special purpose acquisition company (SPAC), is accused of defrauding investors by reporting false revenue and business information.
Komissarov was arrested and is set to appear before U.S. Magistrate Judge Sarah Netburn. The case will be overseen by U.S. District Judge Alvin K. Hellerstein.
"As alleged, Vadim Komissarov...engineered sham transactions and reported false and misleading revenue," said Acting U.S. Attorney Matthew Podolsky. "This Office, and our partners at the FBI, will continue to pursue executives...who defraud unsuspecting investors."
FBI Assistant Director James E. Dennehy added: "Vadim Komissarov allegedly tried to secure a winning ticket by developing an elaborate scheme...The FBI will never permit any individual who attempts to unlawfully cash out at the expense of their investors’ money and trust."
From November 2020 through May 2022, Komissarov allegedly engaged in fraudulent activities involving TDAC and its successor company Lottery.com Inc., including inflating revenues to deceive shareholders about a prospective acquisition target.
In April and May 2022, Komissarov sold nearly 300,000 shares of Lottery.com for over $600,000 before financial discrepancies were disclosed to investors.
By mid-2023, the SEC began investigating TDAC and Lottery.com. Komissarov reportedly attempted to obstruct this investigation by coordinating false narratives with Lottery.com executives.
On November 20, 2024, during sworn testimony to the SEC, Komissarov allegedly provided false statements regarding his involvement in fraudulent transactions.
Komissarov faces multiple charges including conspiracy to commit securities fraud and obstruction of justice. The potential maximum sentence could reach up to 20 years for certain charges.
Mr. Podolsky commended the FBI's work and thanked the SEC for its cooperation in the investigation. The case is managed by the Securities and Commodities Fraud Task Force with Assistant U.S. Attorneys Justin V. Rodriguez and Matthew R. Shahabian leading the prosecution.
The indictment contains allegations only; Komissarov is presumed innocent until proven guilty.
