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Google engineer charged with insider trading after making $1.2M on Polymarket

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The U.S. Justice Department charged Google software engineer Michele Spagnuolo with insider trading, alleging the employee made $1.2 million trading on Polymarket based on confidential business information.

Spagnuolo, who used the name “AlphaRaccoon” on Polymarket, has worked at Google for over 12 years, according to information on LinkedIn.

“As alleged, Spagnuolo violated the duties he owed to his employer and used Google’s confidential business information to make more than $1.2 million in trading profits on Polymarket,” Jay Clayton, the United States Attorney for the Southern District of New York, said in a press release. “Insider trading compromises the integrity of our markets, and the American people want this greed-driven conduct investigated and prosecuted.”

Prediction markets like Polymarket, Kalshi, and others allow users to bet on pretty much anything. Insider trading is not allowed on these platforms because it’s illegal, but some users still commit the offense. The Justice Department recently charged a U.S. Army soldier for allegedly using his insider knowledge of the U.S. military operation to capture Venezuelan president Nicolás Maduro to make $400,000 on Polymarket.

According to the complaint, Spagnuolo risked over $2.7 million on wagers related to Google’s 2025 Year in Search, a marketing campaign in which Google reveals the world’s most popular searches of the year. Spagnuolo allegedly accessed confidential, internal Google Search data about the most-searched celebrities to inform his bets.

“Polymarket worked closely with the U.S. Attorney’s Office for the Southern District of New York and the CFTC, and is the only prediction platform to date whose cooperation has led to insider trading charges in the United States,” a Polymarket spokesperson told TechCrunch. “Blockchain trading is transparent, traceable, and bad actors leave footprints. We are committed to maintaining accurate, fair, and transparent markets as well as enforcing our rules and working with our regulators and law enforcement.”

A Google spokesperson told TechCrunch the company is working with law enforcement on its investigation.

“The employee accessed our marketing material using a tool available to all employees, but using such confidential information to place bets is a serious breach of our policies,” Google said in an emailed statement, “We’ve placed the employee on leave and will take the appropriate action.”

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Health

FG disburses N249.6bn health fund in three years, targets 17,600 facilities

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The federal government says it has disbursed N249.6 billion to the Basic Health Care Provision Fund (BHCPF) in the past three years, representing 77.1 per cent of the N323.6 billion disbursed since the fund was established in 2019.

The government also plans to expand direct financing to at least 17,600 primary healthcare facilities and provide health insurance coverage for about 90,000 Nigerians in correctional facilities.

The Minister of State for Health and Social Welfare, Iziaq Salako, disclosed this on Wednesday in Abuja during a ministerial briefing on three years of implementation of the fund under President Bola Tinubu’s administration.

Established under the National Health Act 2014, the BHCPF is designed to improve access to essential healthcare, particularly for poor and vulnerable Nigerians.

Mr Salako said the fund had become a key instrument for implementing the Nigeria Health Sector Renewal Investment Initiative, launched in December 2023 to strengthen healthcare delivery and financing.

Disbursements and allocations

According to Mr Salako, total releases to the fund stood at N422.3 billion as of September 2026, with N323.6 billion disbursed.

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He said the Ministerial Oversight Committee approved an additional N40.76 billion at its meeting on 14 October. The approval is expected to raise cumulative disbursements to N364.3 billion, including N290.2 billion under the Tinubu administration, according to the statement.

Speaking on the latest allocation, Mr Salako said N19.87 billion would go to the National Health Insurance Authority, N18.34 billion to the National Primary Health Care Development Agency, N2.04 billion to emergency medical treatment and N509.48 million to the Nigeria Centre for Disease Control and Prevention.

He said the allocations would support health insurance, primary healthcare services, emergency medical response and disease surveillance.

Mr Salako added that the government was working with the National Assembly to increase the fund’s statutory allocation from one per cent to two per cent of the Consolidated Revenue Fund.

Health insurance and primary healthcare

On financial protection, Mr Salako said national health insurance enrolment increased from about 16.2 million people in 2023 to 23.06 million by the third quarter of 2026.

He said the BHCPF had supported insurance coverage for 3,182,943 vulnerable Nigerians with National Identification Numbers.

The fund, he added, had also supported free surgeries and rehabilitation for women with vesicovaginal fistula, emergency caesarean sections and other emergency obstetric and newborn care interventions for 96,068 women and babies.

Mr Salako said the oversight committee had also approved health insurance coverage for approximately 90,000 Nigerians in correctional facilities, with implementation expected to expand access to essential healthcare for inmates.

On primary healthcare delivery, he said direct facility financing currently supports 8,309 PHCs across the 36 states and the Federal Capital Territory.

He said the government planned to include a further 5,212 facilities, bringing the projected total to 13,521. However, the government’s broader target is to expand direct financing to at least 17,600 facilities.

Mr Salako added that the number of facilities attaining Level 2 readiness increased from 1,748 in 2024 to 3,202 in the third quarter of 2026.

He also said PHC attendance rose from 34.55 million in 2023 to 43.06 million by the second quarter of 2026.

Emergency services and health workers

On emergency medical services, Mr Salako said operational structures had been established in all 36 states and the FCT.

Through the Rural Emergency Service and Maternal Transport arrangements, emergency transport services had been established in 171 of the 172 local government areas covered by the Maternal and Newborn Mortality Reduction Innovation Initiative. The government plans to extend the initiative to 200 local government areas by December 2026.

He said the emergency response system had recorded 168,571 ambulance service episodes since 2023, covering obstetric emergencies, neonatal and under-five emergencies, road traffic injuries, snakebites, burns and other urgent medical conditions.

Mr Salako said 78,054 frontline health workers had been trained towards a national target of 120,000.

He also said the oversight committee approved phased salary support for 13,800 community-based health workers and skilled birth attendants. Under the arrangement, the federal government would cover eligible salary costs in full in the first year, 67 per cent in the second year and 33 per cent in the third year, before state governments assume full responsibility.

READ ALSO: FG partners US foundation to mobilise $1bn to tackle child malnutrition

He said the committee had also approved the operationalisation of MEDIPOOL, a pooled procurement mechanism intended to improve access to essential medicines and health commodities, subject to quality assurance and accountability safeguards.

Accountability and next steps

Mr Salako urged state governments to fulfil their counterpart financing obligations and ensure sustainable funding for primary healthcare services. He commended Katsina State for releasing N240.79 million to its State Health Insurance Agency to support expanded coverage.

He said the Ministry of Health and Social Welfare was strengthening financial accountability through the implementation of the updated BHCPF Guidelines 2.0 and collaboration with the Independent Corrupt Practices and Other Related Offences Commission to track the use of public funds.

He emphasised that timely reporting, transparent payments, and expenditure verification were necessary to ensure funds reached healthcare facilities and translated into services for patients.

Mr Salako said the government remained committed to increasing domestic health financing and improving access to essential healthcare, particularly for vulnerable Nigerians.


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Kwankwaso demands independent probe into suspected AI photos in INEC voter register

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The vice-presidential candidate of the Nigeria Democratic Congress, NDC, Rabiu Kwankwaso, has demanded an independent investigation into suspected AI-generated photographs and questionable records in the preliminary voter register released by the Independent National Electoral Commission, INEC, ahead of the 2027 general elections.

Kwankwaso questioned how the suspicious images entered the register and whether the identities linked to the records were properly verified.

In a statement shared on X, Kwankwaso said INEC’s decision to investigate the matter was welcome but insisted that the probe must be transparent and conducted independently of the commission.

“The investigation must be thorough, transparent and independent,” he said, demanding that the findings be made public and anyone found culpable be held accountable under the law.

He also called for an independent audit of the preliminary register, including checks for questionable entries, duplicate records and artificial identities.

Kwankwaso demands independent probe into suspected AI photos in INEC voter register

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