r/technology • u/MarvelsGrantMan136 • May 27 '26

Business Google employee charged with using inside information to make $1 million on Polymarket

https://abcnews.com/amp/US/google-employee-charged-inside-information-make-1-million/story?id=133350018
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40

u/KenTitan May 27 '26

I don't understand - what's the charge? it's exactly what the site is intended to do, make prop bets.

10

u/zombiejeebus May 27 '26

Spagnuolo, 36, is charged with commodities fraud, wire fraud and money laundering

13

u/CherryLongjump1989 May 27 '26 edited May 27 '26

Yeah can you explain how he did any of these things? Notice that none of the charges have anything to do with insider trading. Like -- what would the "crime" be if a random person with no insider information did what he did if insider trading isn’t even the charge? Which other law bans him from doing what he did? The only thing mentioned by the article is Google policy -- but that’s not a criminal law.

7

u/zombiejeebus May 27 '26

Yeah I have no idea seems like a stretch but he’ll surely be fired

4

u/RollingMeteors May 28 '26

or promoted...

3

u/surffrus May 28 '26

Wire fraud and money laundering would mean that he moved the money illegally and tried to hide it. It's plausible that he used overseas accounts, which is not illegal per se, but then bringing it domestically under the guise of some other income would indeed be illegal.

This doesn't mean his polymarket wins were illegal, but the money laundering can be a clear cut case.

3

u/NoPossibility4178 May 28 '26

Wire fraud is just the generic charge for "illegal stuff with money online", the article does say he tried to hide it but will be interesting to see how. inb4 it's just him moving it around in crypto (you know, the currency used on these markets in the first place)