Google engineer charged with insider trading on Polymarket using confidential search data
By
Aaron Katersky, Katherine Faulders
Hand-rolled, kettle-boiled, baked to perfection. Worth every minute at the bakery.
Summary
A federal criminal complaint unsealed in New York charges Google software engineer Michele Spagnuolo with using inside information to make over $1 million on Polymarket. Spagnuolo allegedly accessed confidential Google data tracking user searches and used that nonpublic information to place bets on Google-related prediction markets. The case highlights insider trading concerns in the emerging prediction market space.
Key quotes
· 2 pulledFor Michele Spagnuolo, these were sure bets because, as a Google software engineer, he had access to company data that tracked user searches
Spagnuolo 'misappropriated confidential and valuable nonpublic information from his employer and used that information to place a series of Google-related bets on Polymarket, a prediction market'
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