Former Lottery.com Executives Plead Guilty to SPAC Fraud Scheme

Three former executives of Sports Entertainment Gaming Global Corporation have pleaded guilty to securities fraud for inflating revenue ahead of a merger that took the online lottery platform Lottery.com public. The company was previously known as Trident Acquisitions Corp, a blank-check company that pivoted to AutoLotto. Revenue was manufactured through sham transactions and false SEC filings. The fallout has reached civil court with a shareholder derivative action accusing former officers and board members of orchestrating the scheme and breaching their fiduciary duties.