Google Security Engineer Charged Over Alleged Polymarket Bets Using Confidential Search Data
Summary
Prosecutors allege Google engineer Michele Spagnuolo used nonpublic Year in Search data to place Polymarket bets, earning over $1.2 million. Google says he accessed confidential marketing material and is on leave.
Key points
- Michele Spagnuolo was arrested and charged with Commodity Exchange Act violations, wire fraud and money laundering.
- Prosecutors allege he used internal access to nonpublic Google Year in Search data to bet on search-related outcomes.
- The government says his trades generated more than $1.2 million in profit and involved approximately $2.75 million risked across 25 outcomes.
- Prosecutors allege he used cryptocurrency transfers and account changes to conceal his identity and the source of funds.
- Google said the employee accessed confidential marketing material using a tool available to all employees, placed him on leave and is cooperating with law enforcement.
- The CFTC filed a civil complaint seeking remedies including restitution, penalties and trading bans.
Article Details
- Event Type
- Criminal and civil insider-trading case involving a Google security engineer accused of using confidential search-trend data to trade on Polymarket.
- Impact
- Prosecutors allege Michele Spagnuolo made more than $1.2 million in profit after risking approximately $2.75 million across 25 outcomes. He faces charges of violating the Commodity Exchange Act, wire fraud, and money laundering; the CFTC also filed a civil complaint. Google said it placed him on leave and is cooperating with law enforcement.
People
Jay ClaytonU.S. attorney for the Southern District of New York who commented on the charges against Spagnuolo.Michele SpagnuoloGoogle security engineer accused of using nonpublic Year in Search data to place profitable Polymarket bets and of taking steps to conceal his activity; the allegations have not been established as fact in the article.
Vendors
Products
PolymarketA Google security engineer was arrested and charged after allegedly using confidential Google search-trend data to place profitable bets on Polymarket.Year in SearchProsecutors say Michele Spagnuolo hid his activity through cryptocurrency transfers and account changes while trading on outcomes tied to Google’s Year in Search information.
Countries
SwitzerlandMichele Spagnuolo, a 36-year-old Italian citizen who lives in Switzerland, is accused of placing multiple trades on the prediction marketplace last year that netted him a profit of more than $1.2 million.United States“Today’s charges reinforce a decades-old message: corporate insiders cannot use confidential information to turn a profit in our markets,” Jay Clayton, U.S.