Google employee charged in $1.2M betting scheme

A Google employee faces federal fraud charges for allegedly using confidential internal data to win over $1.2 million on the prediction market platform Polymarket. Prosecutors claim Michele Spagnuolo accessed non-public information about Google Search trends to inform his bets. He was arrested in New York and released on a substantial bond. The charges include commodities fraud, wire fraud, and money laundering, stemming from bets made under the username AlphaRa. This case highlights concerns about the misuse of proprietary information in financial markets.