"According to the complaint, Komissarov is alleged to have "planned and executed a revenue scam" with DiMatteo, Clemenson, and Dickinson, which allegedly violated Section 17(a) of the Securities Act of 1933 and Sections 10(b) and 14(a) of the Exchange Act of 1934, along with related SEC rules. Customer data was central to the scam charges and involved what the regulator calls "useless customer data" that was then cycled through a number of multi-million-dollar transactions."
"The initial fraud complaint points a finger at a "revenue scam in which Lottery purportedly received $9 million for valueless customer data, booked it as revenue, and then used that $9 million to overpay for two Mexican businesses and, thus, return the $9 million to its source." The second alleged revenue scam involved "a bogus $30 million sale of advertising credits, and, following the merger, executed two additional bogus sales totaling over $35 million," said the legal case."
The SEC filed charges in the U.S. District Court for the Southern District of New York against Lottery.com, Inc., and former executives Lawrence Anthony DiMatteo, Matthew Clemenson, and Ryan Dickinson. The complaint also targets Vadim Komissarov, CEO of SPAC Trident Acquisitions Corp. The SEC alleges coordinated revenue scams involving valueless customer data and fabricated advertising-credit sales. The complaint describes a $9 million transaction for valueless customer data booked as revenue and used to overpay for two Mexican businesses, and a series of bogus advertising-credit sales totaling over $35 million. The SEC says transactions were routed through international companies and lacked commercial or legitimate value.
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