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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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Ajayi and Ogazi Shine as Nigeria’s Standout Male Gold Medalists at NCAA Championships

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Nigerian sprinters Kanyinsola Ajayi and Samuel Ogazi have been recognised as Athletic Heat’s Most Outstanding Male Gold Medalists after producing sensational performances to capture NCAA titles and reinforce Nigeria’s growing reputation in collegiate athletics.

READ ALSO: Ikorodu City Set Up President Federation Cup Final Clash with El-Kanemi Warriors

Sports247 reports that the duo delivered championship-winning displays at the NCAA Outdoor Track and Field Championships, showcasing exceptional speed and composure on one of the biggest stages in American collegiate sports.

Ajayi stole the spotlight in the men’s 100 metres, sprinting to victory in a wind-assisted 9.72 seconds (+2.2m/s). Although the tailwind exceeded the legal limit for record purposes, the performance underlined the Nigerian’s immense talent and ability to excel under pressure.

His dominant run secured the NCAA title and placed him among the fastest sprinters ever seen in collegiate competition.

The victory marked another milestone in Ajayi’s rapid rise, with the young speedster continuing to establish himself as one of Nigeria’s brightest athletics prospects ahead of future international competitions.

Not to be overshadowed, Samuel Ogazi produced an equally remarkable performance in the men’s 400 metres. The Nigerian powered around the track in an outstanding 43.38 seconds to claim gold, delivering one of the fastest times ever recorded by a Nigerian over the distance.

Ogazi’s commanding victory highlighted his strength and endurance, confirming his status as one of the leading quarter-milers in collegiate athletics and strengthening his credentials for future appearances on the global stage.

Together, Ajayi and Ogazi embodied the qualities of elite champions, combining explosive speed, technical excellence, and mental resilience to triumph in their respective events.

Their achievements have earned widespread praise and further demonstrated the growing influence of Nigerian athletes within the NCAA system.

The pair’s success also serves as an encouraging sign for Nigerian athletics, with both athletes emerging as potential key figures for the country in major international competitions in the coming years.

By capturing gold in two of track and field’s marquee events, Ajayi and Ogazi not only etched their names into NCAA history but also inspired a new generation of Nigerian athletes aspiring to compete and succeed at the highest level.

Their remarkable performances stand as defining moments in an outstanding collegiate season.

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FG debunks claims of plans to introduce telecoms, fuel taxes

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The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.

The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.

According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.

“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.

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Fuel tax rules remain unchanged.

The government also clarified that existing tax arrangements on petroleum products remain in place.

It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.

It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.

According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.

READ ALSO: NRS launches Rev360 to ease tax compliance

Telecoms excise duty

On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.

It added that the tax is, therefore, no longer in force.

The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.

It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.

The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.

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