Connect with us

News

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

info

Published

on

GettyImages 2277777336.jpg

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.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Orbih rejected inducements to abandon my 2015 governorship ambition – Wike 

info

Published

on

Wike fct .jpg

Minister of the Federal Capital Territory, Nyesom Wike, has said the late National Vice-Chairman of the Peoples Democratic Party, South South, Chief Daniel Orbih, rejected several inducements and pressure to abandon his support for his 2015 governorship ambition in Rivers State.

Wike disclosed this on Wednesday in Abuja at a night of tributes held in honour of Orbih, who died on August 31 at the age of 64.

The former Rivers State governor said Orbih remained loyal to him during a difficult political period between 2013 and 2014, despite attempts by his political opponents to frustrate his ambition.

Wike recalled that the then Rivers State governor sent people to Orbih with offers aimed at persuading him to withdraw his support.

Recommended

“There was nothing in this world that was not done to induce him. My governor then sent people to Dan, offered him everything in this world, but Dan stood firm and said, ‘No, I will not accept, I will not agree,’” Wike said.

He described Orbih as the person God used to pave the way for his emergence as governor of Rivers State in 2015.

“Today I am a Minister of the FCT; yesterday I was a governor. Who did God use for me to become governor? It was Dan,” he said.

According to Wike, Orbih went beyond political support by helping to strengthen his campaign and security arrangements, including donating two bulletproof Mercedes-Benz buses.

He said the late politician also mobilised political structures across the South South in support of his ambition.

Wike described Orbih as a politician more interested in loyalty and service than personal benefits, saying he never approached him for contracts or favours during his eight years as governor.

“Dan is not a typical Nigerian politician. Throughout my eight years as governor, he never came for one day, either by phone or coming to my house to say, ‘I need this contract.’ Never,” he said.

The FCT minister said Orbih’s loyalty and commitment were qualities that had also been demonstrated by his family over the years.

He credited the late politician with helping to protect the political interests of the South South, saying many politicians who currently occupy elective offices benefited from his efforts.

Wike said Orbih’s contributions to politics and the development of Edo State deserved greater recognition, urging stakeholders in the state to consider giving him a state burial.

He also promised to maintain his relationship with Orbih’s family and support efforts to preserve his political legacy.

Also speaking at the event, Chairman of the Board of the Nigeria Upstream Petroleum Regulatory Commission, Senator Magnus Abe, said Orbih played a major role in introducing him to politics.

Abe described the deceased as a bridge builder whose political influence extended beyond party lines.

Similarly, former Edo State governor and Senator representing Edo North, Adams Oshiomhole, said Orbih contributed to making him a better governor despite their political differences.

Oshiomhole said he often considered how Orbih and the opposition would interpret his decisions before taking major actions while he was governor.

He thanked Wike for helping to reconcile him with Orbih after years of political disagreement, recalling that their reconciliation began at Wike’s residence in Port Harcourt.

In his tribute, former PDP presidential candidate, Senator Sandy Onor, described Orbih as a public intellectual, patriot, family man and defender of Edo heritage.

He said the late politician left a lasting impact on the people around him through his public service and commitment to his community.

Continue Reading

Business

Sierra Leonean President Bio, Elumelu rally West African private sector to turn regional potential into investment, jobs

info

Published

on

PHOTO WAIIS scaled e1791437991525.jpg

The President of Sierra Leone and immediate past Chair of the ECOWAS Authority of Heads of State and Government, Julius Maada Bio, and leading African investor and Chairman of Heirs Holdings, Tony Elumelu, have called on West Africa’s private sector to move decisively from the promise of regional integration to its delivery.

They both called for support to mobilise capital, build competitive industries, create jobs, and transform the region’s vast economic potential into shared prosperity.

Hosting President Bio in Lagos ahead of the inaugural West Africa Integration and Investment Summit (WAIIS), Mr Elumelu brought together leading private sector and financial institution leaders for the inaugural physical meeting of the WAIIS Private Sector Advisory Board.

The meeting focused on four strategic areas with the potential to reshape West Africa’s economic future: energy trade and industrialisation, strategic minerals, agribusiness, and digital transformation.

President Bio set out an ambitious vision for WAIIS to consolidate a regional market of more than 400 million people and mobilise businesses from within West Africa and across the world to deepen trade, investment and economic cooperation.

“We are partners in execution — let us transform ideas into partnerships, partnerships into investments, and investments into lasting prosperity for our continent,” Mr Bio told members of the Advisory Board.

PT WHATSAPP CHANNEL
Dangote Refinery AD

He added: “But potential is not prosperity. Our task is to convert these advantages into productive enterprises, competitive industries, regional value chains, jobs and wealth.”

Mr Elumelu welcomed President Bio’s initiative to place private capital and enterprise at the heart of the regional agenda, reaffirming his commitment to mobilising African and international investment alongside leading African financial institutions, including the Africa Finance Corporation, Afreximbank, United Bank for Africa (UBA), Ecobank, etc., to support the execution of priority projects.

The approach reflects Mr Elumelu’s philosophy of Africapitalism—the belief that the African private sector has a defining role to play in catalysing the continent’s economic transformation through long-term investment in critical sectors.

Mr Elumelu stressed that Africa’s businesses must increasingly look beyond national borders and combine capital, expertise and capabilities to build enterprises and industries capable of competing at scale, while creating jobs and expanding opportunity across the sub-region.

“This is consistent with our aspirations to create jobs for our young people,” Mr Elumelu said. “We have all it takes to be prosperous.”

But private sector ambition, he noted, must be matched by decisive government action.

“Governments must provide the policy certainty, regulatory efficiency and security required to give investors the confidence to commit capital for the long term.”

Lagos State Governor, Babajide Sanwo-Olu, underscored the importance of industrialisation and the free movement of goods and services in building a truly integrated West African market. He stressed that political leaders must provide the enabling environment, certainty and assurances required for businesses to invest, produce and trade across borders.

At the centre of the discussion was a shared conviction that West Africa has the scale, resources, talent and entrepreneurial capacity to become one of the world’s most dynamic economic regions.

With the Summit now less than two months away, Mr Bio called on members of the Advisory Board to move from advocacy to active mobilisation: engaging prospective investors directly, matching them with viable projects, and identifying the financing gaps, policy decisions and other interventions required to move transactions forward.

WAIIS will take place on 17–18 November 2026 at the Julius Maada Bio International Conference Centre in Lungi, Sierra Leone, bringing heads of state, investors and business leaders together to advance investment across energy, strategic minerals, agribusiness and digital transformation.

READ ALSO: How Nigeria’s Population Commission mismanaged N245 billion on undelivered products, other controversial contracts – Auditor-General

Notable names on the WAIIS Private Sector Advisory Board are Tony Elumelu — Chairman, Heirs Holdings; Aliko Dangote— Group President/Chief Executive, Dangote Group; Folorunso Alakija — Executive Vice Chairman, FA Limited; Samuel Dossou-Aworet — Founding Chairman, Petrolin Group; George Elombi — President & Chairman of the Board of Directors, Afreximbank; and Abdul Samad Rabiu, Chairman/CEO, BUA Group.

Others are Wale Tinubu — Group Chief Executive, Oando PLC; Samaila Zubairu — President & Chief Executive Officer, Africa Finance Corporation; Alain Ebobissé — Chief Executive Officer, Africa50; Jean-Claude Kassi Brou — Governor, Central Bank of West African States; Paulo Gomes — Founder and Chairman, Orango Investment Corporation; Benedict Okey Oramah — Chairman, Africa Trading Minerals (ATMIN); and Habib Yérim Sow — Group Chairman & CEO, Teyliom Group.


Discover more from Premium Times Nigeria

Subscribe to get the latest posts sent to your email.

Continue Reading

Trending