Google employee charged with using search data to make $1.2 mil on Polymarket
A Google employee has been charged with insider trading for allegedly using confidential search data to profit over $1.2 million on Polymarket. Michele Spagnuolo, who worked for Google since 2014, reportedly placed bets on trending searches before the data was publicly released. The case highlights ongoing concerns about insider trading in prediction markets and the need for regulatory oversight.
- ▪Michele Spagnuolo, a Google employee, is accused of using confidential information to make over $1.2 million on Polymarket.
- ▪The employee allegedly placed bets on search trends using internal data before it was published.
- ▪Google has placed Spagnuolo on leave and stated that using confidential information for betting is a serious breach of policy.
Opening excerpt (first ~120 words) tap to expand
Polymarket logo appears in this illustration taken Apr. 22. Reuters-YonhapNEW YORK — U.S. prosecutors slapped insider trading charges against a Google employee this week, alleging the software engineer used confidential company information to pocket more than $1.2 million from prediction market platform Polymarket with bets on search trends.In a complaint unsealed in New York, authorities identified the employee as 36-year-old Michele Spagnuolo — an Italian citizen residing in Switzerland who has worked for Google since 2014.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Korea Times.
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