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A 54-year-old Upper West Side resident pleaded guilty this week to securities fraud charges stemming from a scheme that defrauded investors out of hundreds of thousands of dollars.
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Vadim Komissarov, the former CEO of Trident Acquisitions Corp., admitted in federal court to orchestrating a fraud that involved reporting fake revenue to trick investors into approving a company merger.According to federal prosecutors, between November 2020 and May 2022, Komissarov worked to make a company called AutoLotto (which operated as Lottery.com) appear more profitable than it actually was. He did this by creating fake transactions, including one $9 million deal that was entirely fabricated. Prosecutors say he even used the alias “Vlad” while setting up the sham transaction.
The scheme allowed Trident Acquisitions to merge with AutoLotto. After the merger, Komissarov sold nearly 300,000 shares of the combined company for more than $600,000—months before the company revealed to investors that its reported revenue and cash figures were wrong.
When federal regulators began investigating, prosecutors say Komissarov tried to cover his tracks. In a recorded call with other company executives, he allegedly said he wanted to “sync” their stories and warned them: “if you come out and say that I was involved, then I am in deep shit.”
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He also allegedly lied under oath during testimony to the Securities and Exchange Commission in November 2024.“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,” said U.S. Attorney Jay Clayton.
Komissarov faces up to 20 years in prison. His sentencing is scheduled for June 24.
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