An Italian Google engineer has been charged with insider trading after he allegedly made $1.2m betting on prediction markets.
The US Justice Department charged 36-year-old Michele Spagnuolo after he allegedly placed bets tied to Google’s most-searched list on Polymarket, according to documents unsealed on Wednesday.
Spagnuolo made his money betting on long-shot candidates, like musician D4vd, who appeared on Google’s most-searched list after it was reported that he was a suspect in the investigation into the death of a teenage girl, according to the complaint.
Spagnuolo allegedly used insider information when betting on 27 November that D4vd would top the list of most-searched people in 2025.
Google statistics confirmed he was top when they were released a week later, on 4 December.
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According to the complaint, that bet was particularly profitable, because the markets placed a “near-zero probability” that D4vd, who has since been charged with the murder of 14-year-old Celeste Rivas Hernandez, would be the most-searched person on Google.
Among other wagers, Spagnuolo wagered in October that rapper Kendrick Lamar would top the list.
At that point, Google’s internal data showed that Lamar was on track to be the most-searched person of the year.
“Insider trading compromises the integrity of our markets, and the American people want this greed-driven conduct investigated and prosecuted,” said US Attorney for the Southern District of New York Jay Clayton in a statement.
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Google said that it is working with law enforcement, and that using confidential information to place bets is a serious breach of company policy.
Spagnuolo, who now lives in Switzerland, has been placed on leave, according to the Google spokesperson.
Polymarket said that it helped law enforcement investigate Spagnuolo’s activity, and added that it was the only prediction platform to date whose co-operation has led to insider trading charges in the United States.
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