U.S. prosecutors filed a criminal complaint against Michele Spagnuolo, a software engineer at Google
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The Commodity Futures Trading Commission also filed a parallel civil complaint against Spagnuolo, alleging insider trading in violation of the Commodity Exchange Act.
Key facts
Spagnuolo, a 36-year-old Italian citizen residing in Switzerland, faces charges of commodities fraud, wire fraud, and money laundering, which carry maximum prison sentences of 10 years, 20 years
With 2 out of 2 arrests in this industry resulting from their criminal referrals, Polymarket has emerged as the enforcement leader
A Google engineer has been accused of misappropriating confidential company information to place Google-related trades on Polymarket, allegedly profiting about $1.2 million
The complaints alleged that Spagnuolo earned approximately $1.2 million in profits from Polymarket trades based on his access to inside information
Summary
A Google engineer has been accused of misappropriating confidential company information to place Google-related trades on Polymarket, allegedly profiting about $1.2 million. U.S. prosecutors filed a criminal complaint against Michele Spagnuolo, a software engineer at Google, charging him with fraud and money laundering, according to a filing unsealed Wednesday. Between October and December 2025, Spagnuolo allegedly used an account known as "AlphaRaccoon" to place trades on Polymarket. The complaints alleged that Spagnuolo earned approximately $1.2 million in profits from Polymarket trades based on his access to inside information.