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crime12h ago
Google engineer made $1.2M by placing bets on Polymarket using confidential info, prosecutors allege
- A Google software engineer allegedly used internal data to win over $1.2 million on Polymarket.
- Prosecutors say the bets were based on internal Google search data that tracked user searches.
- Spagnulo allegedly earned the profits by correctly predicting the top Google search target for 2025.
- The case points to insider trading concerns tied to prediction markets and corporate data.
- Spagnulo faces charges of commodities fraud, wire fraud, and money laundering in New York.
- The investigation involves the Polymarket platform, described as the only prediction market with insider trading charges in the U.S.
- Google stated the employee used confidential information to place bets but is on leave.
- Prosecutors cited a prior insider trading case tied to a Special Forces soldier linked to Polymarket.
- U.S. Attorney Jay Clayton called insider trading a long-standing threat to market integrity.
- The case illustrates enforcement action against insider trading on digital prediction markets.
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