Google employee charged with using inside information to make $1 million on Polymarket
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Key Points:
- Michele Spagnuolo, a Google software engineer, is accused of fraudulently earning over $1 million by using confidential Google search data to place bets on Polymarket, a prediction market platform.
- Spagnuolo allegedly used inside information to bet that singer D4vd would be the most-searched person on Google in 2025, a prediction Polymarket initially rated as highly unlikely.
- After Google's official announcement confirmed his bet, Spagnuolo's account profited $1.2 million, and he took steps to conceal the source of his winnings.
- He faces charges including commodities fraud, wire fraud, and money laundering, was arrested in New York, released on a $2.25 million bond, and placed on leave by Google.
- This case marks the second involving Polymarket investigated by the U.S. attorney's office for the Southern District of New York this year.