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Google Engineer Charged with Insider Trading on Polymarket, Made $1.2M Using Confidential Data

GateNews

Enforcement Actions Prediction Market Security Incidents

2026-05-28 04:14:30

POLYMARKET18.73%

U.S. prosecutors filed criminal charges against Michele Spagnuolo, a Google software engineer, on Wednesday for using confidential company information to trade on Polymarket and allegedly profit about $1.2 million. According to the filings, between October and December 2025, Spagnuolo used an account called "AlphaRaccoon" to participate in at least 23 contracts tied to Google's "2025 Year in Search List" markets. The Commodity Futures Trading Commission also filed a parallel civil complaint alleging insider trading violations. Spagnuolo faces charges of commodities fraud, wire fraud, and money laundering, carrying maximum sentences of 10, 20, and 20 years respectively. He was arrested in New York and released on a $2.25 million bond.

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