Jay Clayton, U.S. Attorney for the Southern District of New York | Department of Justice
Vadim Komissarov, the former Chief Executive Officer of Trident Acquisitions Corp. (TDAC), has pleaded guilty to securities fraud in federal court in New York. The announcement was made by Jay Clayton, United States Attorney for the Southern District of New York. Komissarov admitted to defrauding investors in both TDAC and its successor company, Lottery.com Inc., by providing false and misleading information about company revenues and business operations. Sentencing is scheduled for June 24, 2026.
“Vadim Komissarov, the former CEO of Trident Acquisitions Corp., defrauded his shareholders,” said U.S. Attorney Jay Clayton. “He manufactured fraudulent revenue and then obstructed the SEC’s investigation, including by lying under oath. Whether it be SPACs or any other capital raising vehicles, when executives fabricate revenue and mislead our markets, this Office and our partners will pursue them vigorously.”
Court documents show that from November 2020 through May 2022, Komissarov orchestrated a scheme to deceive TDAC investors and those in Lottery.com Inc. He reported inflated revenues for a potential acquisition target and sold shares before public disclosure of the true financial state of Lottery.com.
The fraudulent activity began as Komissarov sought an acquisition target before TDAC’s deadline to use or return investor funds. In November 2020, he selected AutoLotto, Inc., operating as Lottery.com. To gain shareholder approval for acquiring AutoLotto, Komissarov worked with others to artificially increase reported revenues using sham transactions—one involving a $9 million roundtrip transaction under an alias—to create a false impression of business activity.
In April and May 2022, Komissarov sold nearly 300,000 shares of Lottery.com for over $600,000 prior to disclosures about errors in the company's reported finances.
By mid-2023, the Securities and Exchange Commission (SEC) began investigating TDAC and Lottery.com. After receiving subpoenas from the SEC for documents and testimony related to their investigation, Komissarov attempted to coordinate stories with other executives to conceal his involvement in fraudulent transactions. During a conversation with two executives from Lottery.com he warned: “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 shit.”
Komissarov also gave sworn testimony on November 20, 2024 during which he provided false statements regarding his communications with other executives and his role in the fraudulent $9 million transaction.
Komissarov faces up to 20 years in prison after pleading guilty to one count of securities fraud; sentencing guidelines will ultimately be determined by a judge.
Jay Clayton commended the Federal Bureau of Investigation for its work on this case and thanked the SEC—which has filed a separate civil action against Komissarov—for its cooperation during the investigation.
The prosecution is being led by Assistant U.S. Attorneys Justin V. Rodriguez and Matthew R. Shahabian from the Securities and Commodities Fraud Task Force.
