Lottery.com, Former Executives Charged With Fraud by SEC

By Amira McKee

Lottery.com and a group of its former executives were charged with fraud and making false statements in connection with the company's go-public merger with a special purpose acquisition corporation.

The accused are charged with executing $65 million in multiple bogus sales and overpaying for the acquisition of two Mexican gaming businesses in an effort to inflate the company's revenue ahead of, and shortly after, its merger with Trident Acquisitions, the Securities and Exchange Commission said Friday.

Lottery.com, its former Chief Executive Officer Anthony DiMatteo, and former executives Matthew Clemenson and Ryan Dickinson were charged in the complaint. Vadim Komissarov, the former CEO of Trident Acquisitions when the two companies merged in October 2021, was also charged.

Sales orchestrated by the defendants accounted for most of Lottery.com's reported revenue, misled investors, and caused stockholders substantial losses, according to the complaint, filed Thursday in the U.S. District Court for the Southern District of New York.

The SEC is seeking permanent injunctions, disgorgement with prejudgment interest, and civil penalties against the defendants. It also wants officer-and-director bars imposed against DiMatteo, Clemenson, Dickinson and Komissarov, the SEC said.

Without denying the allegations, Clemenson and Dickinson consented to the entry of judgments, subject to court approval, the SEC said.

The two men agreed to "be permanently enjoined from violating the charged provisions of federal securities law and from acting as an officer or director of any public company, and agreed to pay disgorgement, prejudgment interest, and/or a civil penalty in an amount to be determined by the court, upon motion by the SEC."

DiMatteo, Clemenson and Komissarov didn't immediately respond to requests for comment. Dickinson couldn't be reached for comment.

Lottery.com said in SEC filing on Thursday that the individuals identified in the complaint are no longer involved with the company, and that it has undergone substantial changes since the alleged fraud took place between 2020 and 2022.

While it maintains that the allegations in the complaint lack merit, Lottery.com said it has entered into a non-binding discussion with the SEC regarding a potential settlement.

Write to Amira McKee at amira.mckee@wsj.com

(END) Dow Jones Newswires

January 23, 2026 19:37 ET (00:37 GMT)