SEC Sues Lottery.com, Executives for Securities Fraud Scheme

Former executives of Lottery.com Inc. and the special purpose acquisition company that took it public were sued by the Securities and Exchange Commission Thursday for falsely inflating revenues to investors.

The SEC’s lawsuit filed in Manhattan federal court comes months after two Lottery.com executives pleaded guilty to securities fraud charges over their role in the scheme, which involved taking the company public through a merger with a so-called SPAC, reporting fake revenues about Lottery.com, and dumping their shares before the stock price tanked.

The Thursday complaint detailed the executives’ involvement in a fraudulent $30 million financing deal and an overpriced acquisition of a Mexican gaming company that were both allegedly designed to inflate the company’s revenues.

The complaint names Lottery.com’s former CEO Tony DiMatteo, former Chief Revenue Officer Matthew Clemenson, and former Chief Financial Officers Ryan Dickinson, as well as Vadim Komissarov, the former CEO of the SPAC Trident Acquisitions Corp., as defendants.

It’s been a stunning fall for Lottery.com, which made its Nasdaq debut at the height of the SPAC merger craze, when the cash-rich blank check companies hunted for promising private startups to acquire and take public.

Lottery.com had billed itself as the Uber or DoorDash of lottery tickets, promising to bring the old-school paper lottery ticket system into the digital age. But cracks showed almost immediately, and by 2022, the company couldn’t made payroll most of its top executive left. Bloomberg Tax chronicled the company’s near collapse in 2024.

The case is Securities and Exchange Commission v. DiMatteo, S.D.N.Y., No. 1:26-cv-00603, 1/22/26.