The Acting United States Attorney for the Southern District of New York, Matthew Podolsky, 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 will appear before U.S. Magistrate Judge Sarah Netburn. The case is assigned to 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 Podolsky. He emphasized that efforts to defraud investors would be pursued vigorously.
FBI Assistant Director Dennehy added that Komissarov "allegedly tried to secure a winning ticket by developing an elaborate scheme comprised of inflated profits." He noted the FBI's commitment to preventing such fraudulent activities.
The indictment alleges that from November 2020 through May 2022, Komissarov engaged in a scheme to mislead TDAC investors about AutoLotto Inc., which operates as Lottery.com. This involved inflating revenues through fraudulent transactions, including a $9 million roundtrip transaction using the alias "Vlad."
In April and May 2022, Komissarov sold nearly 300,000 shares of Lottery.com for over $600,000 before errors in reported revenue were disclosed.
By mid-2023, the SEC began investigating TDAC and Lottery.com. Komissarov allegedly attempted to obstruct this investigation by aligning narratives with other executives and providing false testimony under oath.
Komissarov faces multiple charges including conspiracy to commit securities fraud and obstruction of justice. Each charge carries significant potential prison terms if convicted.
Mr. Podolsky praised the work of the FBI and thanked the SEC for its cooperation in this investigation led by Assistant United States Attorneys Justin V. Rodriguez and Matthew R. Shahabian.
It is important to note that these charges are accusations; Komissarov is presumed innocent until proven guilty in court.