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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.

May 11 (UPI) — Google announced Monday that it identified a cyber threat it believes hackers developed using artificial intelligence, meant to exploit networks on a large scale.

Google Threat Intelligence Group said the hackers were using a zero-day exploit, a security vulnerability that is unknown to security companies, and planned to use it for mass exploitation.

Google said this is the first time it has identified a threat with evidence that AI was used to develop it.

“AI-enabled malware, such as PROMPTSPY, signal a shift toward autonomous attack orchestration, where models interpret system states to dynamically generate commands and manipulate victim environments,” Google Threat Intelligence Group said in a news release.

Google’s AI Gemini and Claude Mythos were highlighted as AI models it does not believe were used in this threat attempt.

If the threat was successful, hackers would have been able to bypass two-factor authentication on “a popular open-source, web-based system administration tool,” Google said. The attempt occurred within the last couple months but Google did not specify when exactly.

AI is also being used for cybersecurity, as a tool to identify potential security risks. Google says Monday’s report shows criminal hacker groups are also interested in using AI for their goals.

“For every zero-day we can trace back to AI, there are probably more out there,” John Hultquist, chief analyst at Google Intelligence Group, said in a statement. “Threat actors are using AI to boost the speed, scale, and sophistication of their attacks.

May 8 (UPI) — Consumer sentiment in the United States has hit another record low as Americans worry about the cost of life as gas prices continue to rise amid the war in Iran.

A monthly University of Michigan survey found that consumer sentiment dropped 3.2% in the last month — from 49.8 to 48.2 — and was down 7.7% over the course of the year, the university’s Institute for Social Research said on Friday.

Joanne Hsu, director of the university’s Surveys of Consumers, said that consumer sentiment is “essentially unchanged” from April, while the current economic conditions survey dropped 9% because of high prices affecting personal finances and whether people will make major purchases.

The decline in the current economic conditions survey was down nearly 19% from last year.

She pegged the survey results to the effects of the U.S.-Israeli war in Iran, and specifically the widespread effects that Iranian and U.S. blockades of the Strait of Hormuz have had on the global economy.

“Taken together, consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump,” Joanne Hsu, director of the survey, said in an analysis.

“Middle East developments are unlikely to meaningfully boost sentiment until supply disruptions have been fully resolved and energy prices fall,” she said.

Hsu noted that, in the surveys, “about one-third of consumers spontaneously mentioned gasoline prices, and about 30% mentioned tariffs.”

The index of consumer expectations did, however, show a 0.8% gain from last month, and is up 1.3% over last year.

May’s consumer sentiment survey is the lowest going back to 1952 — April also set a record — although markets did not react significantly after the institute published its preliminary data for this month’s surveys.

The Bureau of Labor Statistics on Friday also released its April jobs report, which showed that the economy gained 115,000 non-farm payroll jobs — more than double what Wall Street expected — but down from the 185,000 added in March.

For the 12 months ended in April, BLS noted that net payrolls were relatively unchanged.

The unemployment rate for April was unchanged from March at 4.3%.