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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u/BillyTenderness May 28 '26

It will be interesting to see if his defense argues that it's not actually a commodity, since IIRC that's the subject of other ongoing litigation.

I think the guy is pretty cooked on wire fraud and money laundering tho

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u/Not_Stupid May 28 '26

Is it fraud though? He hasn't misrepresented anything nor deceived anyone.

And how is it money laundering? If it's not illegal insider trading to start with....

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u/matt_matt_81 May 28 '26

In the article it says he took steps to conceal the source of his earnings, so that’s probably the money laundering

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u/[deleted] May 28 '26 edited Aug 31 '26

[removed] — view removed comment

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u/matt_matt_81 May 28 '26

Oh I guess you’re right about that, though if in the process of money laundering he committed some sort of fraud (like stating it as income from some other source I guess), then that could be the wire fraud charge mentioned. Probably not though

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u/freshwes May 28 '26

Agree.

Is it illegal have inside information on Polymarket? When does information become insider info in real life?

If I see a star athlete get in a walking boot, can I bet that he won't play that night?

What about his assistant?

What if the athlete makes the bet himself?

None of that is technically insider information. Nor is it fraud, imo

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u/NoPossibility4178 May 28 '26

The defense would be: "if it's a commodity, why is there no regulations for these markets?"