Cybercrime

Michele Spagnuolo allegedly used insider information to profit from bets on people on Google’s most-searched list.

A Google software engineer has been charged with fraud by US authorities after allegedly using insider information to win more than $1.2m in bets on the prediction market platform Polymarket.

Michele Spagnuolo, an Italian citizen residing in Switzerland, is accused of using confidential information to wager on the results of Google’s annual most-searched list, according to a criminal complaint unsealed on Wednesday.

US prosecutors accuse Spagnuolo of using an account named “AlphaRaccoon” to make trades on various markets linked to the results of Google’s 2025 Year in Search.

The total sum of the bets was approximately $2.75m, according to the complaint, filed in federal court in New York.

Among the bets, Spagnuolo successfully predicted that indie pop musician d4vd would top the list for the most-searched for person last year, hours after accessing confidential data at Google, according to prosecutors.

Spagnuolo, 36, faces charges of commodities fraud, wire fraud and money laundering.

“Today’s charges reinforce a decades-old message: corporate insiders cannot use confidential business information to turn a profit in our markets,” US Attorney for the Southern District of New York Jay Clayton said in a statement.

“Insider trading compromises the integrity of our markets, and the American people want this greed-driven conduct investigated and prosecuted,” Clayton added.

Bets on Maduro’s capture

Google said in a statement that it is working with law enforcement and that using confidential information to place bets is a serious breach of company policy.

Spagnuolo has been placed on leave, according to a Google spokesperson.

A Polymarket spokesperson said the company had worked closely with the US Attorney’s Office on the investigation and that the firm “is the only prediction platform to date whose cooperation has led to insider trading charges in the United States”.

“We are committed to maintaining accurate, fair, and transparent markets as well as enforcing our rules and working with our regulators and law enforcement,” the spokesperson added.

Last month, a US soldier was charged with using classified military information to place bets on Polymarket regarding the abduction of Venezuelan President Nicolas Maduro.

Prosecutors accuse Gannon Ken Van Dyke, 38, of cashing in on the US operation against Maduro, to the tune of more than $400,000.

Fake online advertisements and social media groups are luring people in Jordan with promises of “quick profits” from cheap gold with sellers disappearing once funds have been transferred or customers defrauded with counterfeit and substandard metals, Jordanians tell Al Jazeera.

Mohammed Nassar said he was quoted a price for gold lower than local market rates due to an “online store” claiming it was exempt from manufacturing fees, government licensing costs or shop rents.

The Jordanian shopper transferred the money to secure what he thought was a bargain before the website disappeared and Nassar realised he had become the victim of a scam.

In another case, a young woman named Tala Al-Habashneh told Al Jazeera that she bought gold through a social media platform after agreeing with the seller and transferring the promised amount.

On closer examination of the product, she found that her gold was counterfeit, mixed with other metals and lacking any official stamps or invoices to prove its origin or carat.

Tala immediately filed a complaint with the Cybercrime Directorate of Jordan’s Public Security Directorate. The case is pending.

Government monitoring

Wafaa Al-Momani, assistant director general for Regulatory Affairs and director of the Jewelry Directorate at the Jordan Standards and Metrology Organisation (JSMO), told Al Jazeera that the institution is the only entity in the kingdom responsible for monitoring precious metal jewellery – such as gold, silver and platinum – and overseeing jewellery trading.

All imported jewellery is examined and stamped by the JSMO before being released onto the market, she said, while local workshops are also required to submit jewellery for inspection and verification before it can be sold.

Al-Momani said her organisation has received some complaints about companies, websites and social media groups engaged in fraud by “promoting the buying and selling of gold, especially broken gold [used or damaged], through unlicensed individuals”.

The JSMO is monitoring sellers engaged in fraud in coordination with security authorities to prevent jewellery from being sold outside licensed shops.

Al-Momani said the JSMO is tightening oversight of gold shops and sellers in the kingdom and said any store found selling unstamped jewellery or violating legal standards will face legal penalties but also warned Jordanians that buying gold through unofficial channels “does not guarantee that the jewellery conforms to legal standards or carats”.

Adornment and treasure

Rabhi Allan, the head of the Jordanian Association of Jewelry and Goldsmiths, explained that gold remains a traditional means of saving and investment for Jordanians as well as an accessory, quoting the popular saying: “Gold is an adornment and a treasure.”

However, he described the sale of gold through social media as “alien to Jordanian society” and stressed that transactions of this “cash commodity” should only take place via official shops with invoices clearly stating the weight, carat and labour costs of the product.

He said the association had filed complaints with the Cybercrime Directorate against unlicensed and anonymous sites, noting that these pages “appear and disappear without warning”, a situation that leaves victims without the ability to secure their consumer rights.

The association has documented numerous complaints and court cases resulting from gold sales conducted through social media platforms that often use edited or fabricated images and fake offers to attract buyers.

Others offer gold at prices significantly below market value to lure buyers, but the product sold is often counterfeit, nonexistent or contains far less of the precious metal than advertised.

He urged citizens to buy gold only via licensed and accredited shops that display official prices and issue proper invoices to protect buyers’ rights.

While questions have been raised about whether some gold sales conducted through social media could be linked to illegal activities, Allan said the cases monitored so far appear to be “individual incidents that do not amount to money laundering”.

Security warning

The Cybercrime Unit of the Public Security Directorate also warned citizens against buying gold through social media advertisements and confirmed that the body has received multiple complaints of fraud linked to the trade.

Colonel Amer Al-Sartawi, Public Security Directorate spokesperson, told Al Jazeera that the grievances ranged from cases where money was wired to fraudsters who subsequently disappeared without delivering the promised gold to incidents in which buyers received counterfeit pieces made from other less valuable metals, such as copper or iron.

Al-Sartawi urged citizens not to deal with such pages and to buy gold exclusively from licensed and accredited shops.