Lottery.com shares fall 12.88% intraday as ex-CEO pleads guilty to securities fraud.
ByAinvest
Thursday, Feb 5, 2026 1:12 pm ET1min read
SEGG--
Lottery.com Inc. (SEGG) fell 12.88% intraday following news that its former CEO, Vadim Komissarov, pleaded guilty to securities fraud for artificially inflating revenue and selling shares in 2021. Prosecutors revealed Komissarov orchestrated a $9 million fraudulent transaction to mislead investors during the 2021 SPAC merger with Lottery.com, which led to SEC investigations and accounting restatements. The guilty plea, coupled with ongoing legal scrutiny and prior accounting irregularities, eroded investor confidence. While the company has rebranded as Sports Entertainment Gaming Global Corp. and cited governance improvements, the recent admission of fraud by its ex-CEO underscores persistent credibility concerns, directly driving the sharp intraday decline.
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