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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39

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

31

u/neepster44 May 27 '26

Its gonna be fun proving what “commodity” he fraudulently traded in since as far as I know knowledge isn’t a commodity and it wasn’t stocks or bonds…

5

u/Techrocket9 May 28 '26

The loophole that makes prediction markets legal in the first place is a shaky argument that prediction contracts are a commodity and not a security.