Vadim Komissarov, the former Chief Executive Officer of Trident Acquisitions Corp. (TDAC), has pleaded guilty to securities fraud for his involvement in a scheme that misled investors of both TDAC and its successor company, Lottery.com Inc. The plea was entered before U.S. District Judge Alvin K. Hellerstein, with sentencing scheduled for June 24, 2026.
U.S. Attorney Jay Clayton stated, “Vadim Komissarov, the former CEO of Trident Acquisitions Corp., defrauded his shareholders. 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.”
According to court documents and statements made during proceedings, between November 2020 and May 2022 Komissarov orchestrated a scheme to deceive investors by publicly reporting false business information about a potential acquisition target. He profited from these actions by selling shares of Lottery.com before the public became aware of the company’s actual financial state.
Komissarov targeted AutoLotto, Inc., which does business as Lottery.com, as an acquisition candidate for TDAC in late 2020. To gain shareholder approval for this deal—referred to as the Business Combination—he collaborated with others to inflate AutoLotto’s revenue figures and reported those numbers in filings with the Securities and Exchange Commission (SEC). These filings were signed or submitted by Komissarov in his capacity as principal executive officer.
The fraudulent activity included creating fake business transactions designed to make AutoLotto appear profitable. One such transaction involved a $9 million roundtrip payment that Komissarov arranged using an alias.
In April and May 2022, Komissarov sold nearly 300,000 shares of Lottery.com for over $600,000 prior to disclosures revealing inaccuracies in reported revenues and cash holdings at Lottery.com.
By mid-2023, the SEC had begun investigating both TDAC and Lottery.com. After receiving subpoenas from the SEC requesting documents and testimony related to their inquiry, Komissarov attempted to hinder the investigation by coordinating misleading narratives with other company executives. During a conversation with two executives from Lottery.com he said: “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 where he provided false information regarding his communications with other executives and his role in arranging sham transactions.
Komissarov is facing up to 20 years in prison following his guilty plea on one count of securities fraud; however actual sentencing will be determined by judicial discretion.
U.S. Attorney Clayton commended the Federal Bureau of Investigation for its work on this case and acknowledged assistance from the SEC—which has filed a separate civil action against Komissarov—in supporting the investigation.
The prosecution is being managed by Assistant U.S. Attorneys Justin V. Rodriguez and Matthew R. Shahabian within the Securities and Commodities Fraud Task Force.
