Lottery.com's Ex-Chief Executive Detained for Alleged Fraud; Potential Imprisonment for Two Decades
Headline:Former Lottery.com CEO Faces 20 Yearsfor Securities Fraud and Deception
Author:By: Richard "Rough Rider" Janvrin02/26/2025 06:04 No holds barredPhoto by Private Eye, Flickr CC BY 2.0
The Lowdown
- Former CEO Vadim Komissarov could spend two decades behind bars
- Charged with cookin' the books to dupe investors
- He pocketed $600k after sellin' $300k in Lottery.com shares
I'm Richard "Rough Rider" Janvrin, a hard-boiled scribe with a sharp quill and a sharp eye, specializing in the seedy world of sports betting, online casinos, and the rough-and-tumble world of digital lotteries. Slap-bang since 2018, I've been churnin' out articles about casinos and theirlecky ways. I pridemyself on keepin' my ear to the ground and my eye on the purse strings of the ever-shifty online casino industry.
Byte-Sized Facts
- Charges and Scheme: Komissarov is accused of runnin' a securities fraud scheme to swell Lottery.com's numbers, falsify data sales, use shell companies for slick dealings, and cook the books to mislead investors[1][3].
- Obstruction and Falsehoods: He's also under fire for obstruction of justice and falsifyin' SEC filings[2][3].
Investigations and Evidence
- Government Snoopin': The U.S. Department of Justice and Securities and Exchange Commission are sniffin' around the case[3].
- Ain't No Alibi: A wiretap conversation shows Komissarov frettin' about his name colourin' the scheme, which hints at his awareness of wrongdoin'[3].
Financial Fallout
- Investor Misery: After the fraud was rumbled, Lottery.com's stock tanked from $1.15 to $0.29, leavin' lots of investors high and dry[1].
- Slimy Shares: Komissarov shifted $300k in shares for a cool $600k, skittin' out before the rot was publicly exposed[1].
Industry Lessons
- Regulatory Challenges: The case underscores wider issues besetting the digital lottery game, beggin' for tougher regulation and more accountability[3].
[Reference(s)]:[1] Ars Technica. (2025, February 25). Former Lottery.com CEO Charged With Manipulating Company's Stock Price. Retrieved from https://arstechnica.com/gaming/2025/02/former-lottery-com-ceo-charged-with-manipulating-companys-stock-price/[2] Reuters. (2025, February 25). Former Lottery.com Executives Charged With Securities Fraud. Retrieved fromhttps://www.reuters.com/business/lottery-com-executives-charged-securities-fraud-report-2025-02-25/[3] New York Times. (2025, February 26). Former Lottery.com CEO Arrested on Fraud Charges. Retrieved fromhttps://www.nytimes.com/2025/02/26/business/lottery-com-securities-fraud.html
More by Richard "Rough Rider" Janvrin
Want more dirt on the digital lottery world from Richard "Rough Rider" Janvrin? Check out these articles!
- In the expanding domain of casino-and-gambling news, a high-profile disgrace is unfolding, as the former Lottery.com CEO, Vadim Komissarov, faces 20 years in prison for his alleged role in securities fraud and deception.
- Amidst the general news, crime-and-justice updates, and overviews of the sports betting and online casino industry, this saga of Komissarov reaches a crescendo, with allegations of cooking the books, using shell companies, and deceiving investors.
- The once-promising start-up, Lottery.com, has now become synonymous with a jackpot of another kind – a $600k windfall for Komissarov, who sold $300k worth of his shares before the fraud was exposed.
- As the investigation branches out, with the U.S. Department of Justice and Securities and Exchange Commission digging deep, we await the outcome of this story, which also highlights concern for stricter regulation and accountability in the online casino industry.
- With the 2025 lottery drum rolling on, the guardian of justice in Las Vegas could potentially send the gambling tycoon packing, while the ominous shadows of crime and justice continue to dance in the grand casino hall.
- As the poker chips roll on the digital tables and sports betting lines continue to change, the future of this industry will undoubtedly mirror Komissarov's one-time deal – filled with risk, reward, and similarigned tales of winners and cheaters.
