{"id":242456,"date":"2022-11-10T15:40:32","date_gmt":"2022-11-10T21:40:32","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=242456"},"modified":"2022-11-10T17:29:17","modified_gmt":"2022-11-10T23:29:17","slug":"ousted-lottery-com-chairman-says-company-has-slew-of-problems","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/","title":{"rendered":"Lottery.com Exec Under FBI Investigation, Chairman Leaves Company"},"content":{"rendered":"

The soap opera that is Lottery.com (NASDAQ:LTRY) continued this week. That’s as Chairman of the Board Richard Kivel left the company, while noting Chief Compliance Officer Dennis Ruggeri is under FBI investigation.<\/p>\n

\"Lottery.com\"
Former Lottery.com Chairman of the Board Richard Kivel. His letter to the board details myriad problems at the firm. (Image: YouTube)<\/figcaption><\/figure>\n

In a letter to what remains of the gaming company\u2019s board, Kivel highlights a variety of events. He claims they made it nearly impossible to perform his duties as an independent director and help right the ship at the sinking online lottery outfit. Those include the company\u2019s inability to procure needed financing from an investor, recoup funds from another investor, and allegations of double-dealing by some executives.<\/p>\n

Lottery.com\u2019s slide into the abyss commenced in earnest earlier this year. That’s when in a regulatory filing<\/a> with the Securities and Exchange Commission (SEC), the company raised doubts about its ability to continue as a going concern. The operator came public in October 2021 following a merger with<\/a> special purpose acquisition company (SPAC) Trident Acquisitions Corp. Its shares are down 95.57% year-to-date.<\/p>\n

Due to its precarious financial position, Lottery.com needs capital. Woodford Eurasia was supposed to provide an emergency $61 million in various forms, but Kivel told the board there\u2019s no sign that money will arrive.<\/p>\n

Members of the Woodford Eurasia Assets organisation including Nasib Piriyev, a partner at PNN-Group, which controls Woodford and other entities, have made false and misleading promises to the company and statements to third parties which have created disruption within the business and loss of critical staff,\u201d he wrote in his resignation letter.<\/p><\/blockquote>\n

Lottery.com announced today it appointed Matthew Howard McGahan as chairman of the board and that Barney Battles and Naila Chowdhury are filling two of the recently created vacant director spots.<\/p>\n

Kivel said in his letter that McGahan has \u201ctaken complete control\u201d of the board and forced him out.<\/p>\n

FBI Investigation Not Immediately Disclosed<\/h2>\n

As noted above, <\/strong>Chief Compliance Officer Dennis Ruggeri is being investigated by the FBI — material information for the board and investors of any publicly traded company.<\/p>\n

However, Kivel asserts interim CEO Sohail Quraeshi knew about the FBI examination and didn\u2019t tell him or the rest of the directors, extending Lottery\u2019com\u2019s reputation for dubious practices<\/a>.<\/strong><\/p>\n

\u201cI was made aware that the Chief Compliance Officer Dennis Ruggeri, appointed by Sohail Quraeshi, is currently under investigation by the FBI. I spoke with Mr. Ruggeri and he confirmed that this is true and accurate information. This demonstrates a clear lack of good judgment by Sohail Quraeshi, who was in possession of these facts and did not disclose them to the Board prior to the appointment of this individual,\u201d wrote Kivel in his letter.<\/p>\n

Kivel\u2019s missive and media accounts do not detail exactly why the FBI is looking into Ruggeri.<\/p>\n

Double-Dealing at Lottery.com<\/h2>\n

Further compounding woes associated with Lottery.com\u2019s faint recovery hopes<\/a> are allegations brought by Kivel that investors and other parties are double-dealing.<\/p>\n

\n

For example, he claims some investors are aligning themselves with fired CFO Ryan Dickinson. Additionally, Kivel wrote that CEO Quraeshi is \u201cnegotiating behind the scenes with J. Streicher, without Board approval or the knowledge of our legal counsel.\u201d Streicher is under court order to pay the company $16.5 million, and the firm has spent $400,000 in legal fees trying to attain that money.<\/p>\n<\/div>\n

\u201cThe actions of Mr. McGahan and Mr. Quraeshi have put this company in serious jeopardy and have caused the loss of important partners and top employees. The inactions and broken promises of the investment groups led by Nasib Piriyev have further damaged the company and hindered its ability to perform and recover,\u201d noted Kivel.<\/p>\n","protected":false},"excerpt":{"rendered":"

The soap opera that is Lottery.com (NASDAQ:LTRY) continued this week. That’s as Chairman of the Board Richard Kivel left the company, while noting Chief Compliance Officer Dennis Ruggeri is under FBI investigation. In a letter to what remains of the gaming company\u2019s board, Kivel highlights a variety of events. He claims they made it nearly […]<\/p>\n","protected":false},"author":46,"featured_media":242457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,19,13699],"tags":[81931,13701,82714],"acf":[],"yoast_head":"\nOusted Lottery.com Chairman Says Company Has Slew Of Problems<\/title>\n<meta name=\"description\" content=\"Departed Lottery.com chairman says company made it almost impossible for him to perform duties.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ousted Lottery.com Chairman Says Company Has Slew Of Problems\" \/>\n<meta property=\"og:description\" content=\"Departed Lottery.com chairman says company made it almost impossible for him to perform duties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-10T21:40:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-10T23:29:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/RK.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/\",\"url\":\"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/\",\"name\":\"Ousted Lottery.com Chairman Says Company Has Slew Of Problems\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/RK.jpg\",\"datePublished\":\"2022-11-10T21:40:32+00:00\",\"dateModified\":\"2022-11-10T23:29:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Departed Lottery.com chairman says company made it almost impossible for him to perform duties.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/RK.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/RK.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Former Lottery.com Chariman of the Board Richard Kivel. His letter to the board details myriad problems at the firm. (Image: YouTube)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"iGaming\",\"item\":\"https:\/\/www.casino.org\/news\/internet-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Lottery.com Exec Under FBI Investigation, Chairman Leaves Company\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ousted Lottery.com Chairman Says Company Has Slew Of Problems","description":"Departed Lottery.com chairman says company made it almost impossible for him to perform duties.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Ousted Lottery.com Chairman Says Company Has Slew Of Problems","og_description":"Departed Lottery.com chairman says company made it almost impossible for him to perform duties.","og_url":"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-11-10T21:40:32+00:00","article_modified_time":"2022-11-10T23:29:17+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/RK.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/","url":"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/","name":"Ousted Lottery.com Chairman Says Company Has Slew Of Problems","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/RK.jpg","datePublished":"2022-11-10T21:40:32+00:00","dateModified":"2022-11-10T23:29:17+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Departed Lottery.com chairman says company made it almost impossible for him to perform duties.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/RK.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/RK.jpg","width":1280,"height":720,"caption":"Former Lottery.com Chariman of the Board Richard Kivel. His letter to the board details myriad problems at the firm. (Image: YouTube)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/ousted-lottery-com-chairman-says-company-has-slew-of-problems\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"iGaming","item":"https:\/\/www.casino.org\/news\/internet-gaming\/"},{"@type":"ListItem","position":3,"name":"Lottery.com Exec Under FBI Investigation, Chairman Leaves Company"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/242456"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=242456"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/242456\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/242457"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=242456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=242456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=242456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}