SEC v. Lawrence Anthony DiMatteo

Lawrence Anthony DiMatteo, along with Matthew Clemenson, Ryan Dickinson, and Vadim Komissarov, allegedly conducted a fraudulent scheme and making false statements in connection with a SPAC merger. Lottery.com purportedly received $9 million for valueless customer data, booked it as revenue, and then used that $9 million to overpay for two Mexican businesses and, thus, return the $9 million to its source. DiMatteo, Clemenson, and Dickinson allegedly engaged in a bogus $30 million sale of advertising credits and, following the merger, executed two additional bogus sales totaling over $35 million. According to the complaint, these revenue scams accounted for most of Lottery.com’s purported revenue, misled investors who relied upon Lottery.com’s inflated financials, and caused investors to suffer substantial losses.

Summary generated from official Securities and Exchange Commission press release