The Justice Department charged a software engineer at Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL)-owned Google on Wednesday with allegedly profiting over $1 million on Polymarket by misusing confidential information.
Insider Trading In Google?
Michele Spagnuolo, an Italian citizen residing in Switzerland, was charged with commodities fraud, wire fraud, and money laundering, according to a DOJ press release.
The complaint stated that Spagnuolo had access to Google’s internal software tool, which provided him with confidential company information.
He created an account on Polymarket, a Polygon (CRYPTO: POL)-based prediction market, with a pseudonym “AlphaRaccoon,” and placed several bets related to Google’s internal information. When the information was finally made public, he profited roughly $1.2 million on all his wagers.
“The FBI remains committed to hunting down fraudsters who betray their employer for personal financial gains,” stated FBI Assistant Director in Charge James C. Barnacle, Jr.
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