Lottery.com has announced that Lawrence Di Matteo has resigned from his role as Chief Executive Officer. This represents the latest executive-level resignation at the US lottery brokers and information portals.
The broker said he accepted DiMatteo’s resignation notice on July 21 and resigned as CEO the next day. DiMatteo serves as Senior Advisor to the Board of Directors.
DiMatteo is a co-founder of Lottery.com and has been CEO since May 2015. He also co-founded WinTogether, which operates as part of the broader Lottery.com business.
Prior to joining Lottery.com, DiMatteo co-founded and CEO of the photo mobile application Glimpsable from March 2013 to February 2015.
DiMatteo has become the latest hottest exit from Lottery.com in recent weeks, and brokers also announced last week that Chief Revenue Officer Matthew Clemenson has resigned.
This is because Lottery.com revealed that it was “exaggerating” its cash holdings by $ 30 million shortly after discovering questions about compliance and accounting practices and shortly after dismissing the president and CFO.
The broker said it began the review after discovering “cases of violations of state and federal law regarding the state in which the ticket was procured.”
Following this, the board “closed” president, treasurer, and chief financial officer Ryan Dickinson earlier this month and appointed Harry Dariwal as interim CFO.
As part of the switch, the business reviewed cash balances and “overestimated the unlimited cash balance available by approximately $ 30 million and, in connection with this, improperly recognized the same amount of revenue in the previous fiscal year.” I found that.
