Ex-CEO pleads guilty in SPAC fraud case

Core Viewpoint - The case involves allegations of securities fraud related to Lottery.com and Trident Acquisitions Corp, where executives engaged in fraudulent activities to misrepresent revenue figures to facilitate an acquisition [1][2][3]. Group 1: Allegations and Actions - Lottery.com was struggling to generate revenue, while Trident faced a deadline for acquisition, leading to alleged conspiracies to inflate revenue figures [1]. - From 2020 to May 2022, executives engaged in sham transactions to falsely report revenue to the SEC and Trident shareholders, which was crucial for gaining approval for the acquisition [2]. - Vadim Komissarov, former CEO of Trident, pled guilty to securities fraud for his involvement in the scheme and is set to be sentenced on June 24 [3]. Group 2: Consequences and Legal Actions - Two Lottery.com executives consented to court judgments that ban them from serving as public company officers or directors and require them to pay disgorgement and civil penalties [4].