The U.S. Securities and Exchange Commission has filed a civil lawsuit alleging that Lottery.com, Inc. and several former executives participated in a scheme to inflate reported revenue through transactions that lacked real economic substance—claims the regulator says misled investors around the company’s SPAC-era public-market story.
The SEC names Lottery.com alongside former CEO Lawrence Anthony DiMatteo, former executives Matthew Clemenson and Ryan Dickinson, and Vadim Komissarov, the CEO of Trident Acquisitions Corp., the SPAC involved in the transaction.
At the center of the complaint are three categories of alleged “manufactured revenue.” First, the SEC describes US$9 million booked from purported “customer data” that it alleges had no real value, and was later used in a circular manner connected to acquisitions in Mexico. Second, the SEC points to a US$30 million “sale of advertising credits” that allegedly appeared in the weeks leading up to the SPAC merger. Third, the complaint alleges two additional fake sales after the merger, together totaling more than US$35 million. The SEC claims these deals accounted for most of the revenue being presented to the market during critical disclosure periods.
The regulator is seeking permanent injunctions, disgorgement plus interest, and civil penalties. It is also asking the court to impose officer-and-director bars on Komissarov, DiMatteo, Clemenson, and Dickinson—sanctions that can effectively end a public-company leadership career. The SEC has also indicated that Clemenson and Dickinson agreed to consent judgments (without admitting or denying the allegations), subject to court approval.
For investors, the case is a reminder that “revenue quality” can matter more than topline growth—especially in post-merger SPAC issuers where incentives, timelines, and disclosure pressure can collide. The practical takeaway is imbatible: scrutinize counterparties, demand substance behind large one-off line items, and treat sudden spikes in “new revenue streams” as a due-diligence trigger—because that discipline is often the difference between a headline story and an inversión segura.
