trading

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.

The brand new show is perfect for Rich House Poor House fans

A teenager has admitted “I really do not want to do this” after being stunned by a school’s strict regime during Channel 5‘s explosive new series.

Last week, Channel 5 launched a brand new show that was dubbed the perfect watch for fans of Rich House Poor House.

Titled Trading Places, the show takes a new group of young people each week out of their comfort zone and plunges them into a completely different life.

Tonight’s instalment (May 17) saw three 18 year olds, who have given up on education, as they were taken to one of Britain’s most elite and traditional private boarding schools – Christ College in Brecon.

A synopsis teased: “Three 18-year-olds who’ve given up on education bed down in one of Britain’s most elite and traditional private boarding schools, where excellent results and respect count for everything.”

Following Shadiya from Bristol, Molly from Essex and Danny from London, the synopsis continued: “For the next week, these three reluctant sixth formers will be bedding down in Christ College, a prestigious private boarding school in Brecon.

“Established by King Henry VIII, it’s one of the oldest schools in Wales and believes in getting results ‘the Brecon Way’. The strict rules and fierce competition will be a real test for its newest pupils.”

The students were forced out of their comfort zone as they re-entered a classroom for the first time in a while, but for Molly, things soon became a struggle.

Molly, a part time retailer from Essex, was distraught on GCSE results day when she found out she had only passed three subjects, leaving her with a very negative view of education. A post showing the moment she opened her results was viewed by more than 20 million people online.

On the show, Molly was recruited in the school’s chapel choir due to her musical background, but was soon seen struggling to read the sheet music and sing in French, leaving her deflated.

During practice, the 18-year-old was stunned as she admitted she struggled to keep up. Speaking to producers, she added: “When I heard I had choir practise, I was so happy, and then wow that is something different. I couldn’t sing in French and I just felt so awkward the whole time.”

She later said: “Music is literally the most important thing ever to me and that made music miserable.”

In a further revelation, Molly said on her diary cam: “Everyone is really polite which feels slightly odd. I feel like I haven’t really seen anyone express themselves properly.

“They’ve all kind of got the same humour, same kind of mannerisms, same attitude, it kind of feels like a cult.”

The next day, when it came to the performance, Molly continued to feel the nerves as she admitted: “Yesterday I was thinking about just walking out of the choir, I was like no I cannot do this.”

Getting dressed in a striking red robe, Molly could be heard telling the group: “I really don’t want to do this guys.”

However, despite her nerves, Molly performed in the chapel choir and was proud of her achievements. She told producers: “Being judged is something that really does scare me and concern me.

“I got bullied in Year 7 to 8 and that really did just ruin my time at school. I just felt really uncomfortable around everyone in a classroom watching me.”

Trading Places is available to watch on Channel 5.

Trading Places aired on Channel 5 this weekend with dramatic scenes, as luxury-loving sugar baby Saffron broke down in tears.

Channel 5’s brand new series Trading Places got off to a dramatic start, with emotions running high from the very first episode.

The show takes a fresh group of young people each week, plucking them from their comfort zones and dropping them headfirst into a completely different way of life.

On Sunday night (May 10), viewers watched as self-confessed shopaholics Saffron, Umar, and Bridie swapped their lavish lifestyles for a 1960s-inspired, off-grid existence in Cornwall.

Things quickly became overwhelming for Saffron, however, when the reality of her new surroundings hit home upon arrival.

The moment she stepped into their accommodation with her suitcase in tow, the 26-year-old broke down in tears, reports Wales Online.

She commented: “I can’t do this, I don’t like any of it. I don’t want to do this anymore. No, I really don’t want to do this anymore. It’s too much, I can’t.”

Farm resident Babu stepped in to comfort a distressed Saffron, who struggled to articulate just how overwhelming she found the whole experience. She added: “The bees, the walking, the climbing. I’m not used to quiet at all.”

With some gentle encouragement from Babu, Saffron ultimately decided to stick it out and embrace farm life. Throughout the episode, viewers also gained a fascinating insight into her life back home.

Speaking candidly to the camera, she revealed: “I am a sugar baby. A sugar baby is basically a companion. When I have a long-term sugar daddy, then the items per month would be a few Chanel handbags or a few Christian Louboutins.

“The men that I’ve dated, they’ve always looked after me, I’m just a 24/7 princess, so I don’t know what life is without that.”

Saffron explained to the group at the farm that their relationships remain platonic, focusing primarily on conversation rather than anything physical.

After a difficult beginning, Channel 5 audiences witnessed a transformation in Saffron as she threw herself into producing fresh organic apple juice for sale at a farmers’ market.

The 26 year old became emotional later in the programme when discussing the bullying she endured in her younger years, though the experience appeared largely beneficial for her overall.

Reflecting as the episode concluded, she admitted: “The biggest challenge of this week has been the whole bl***y week! I know that everyone thought I was going to leave day one, myself included, but no, I stayed the week! I’m not proud of myself this week, no.”

She continued candidly: “I’m going to be real, I think there’s a lot more I could’ve tried, but there was so much emotion that kept coming over me every time in every single activity, I was finding bits of myself that I’d hidden for so long.”

Trading Places is available to watch on Channel 5.

The conflict involving Iran and the disruption of the Strait of Hormuz have shaken global energy markets. Supply constraints and extreme volatility have driven oil prices sharply higher, exposing a growing structural divide in how major oil companies operate across the Atlantic.

European majors profit from trading strength
Companies such as BP, Shell, and TotalEnergies have benefited from strong oil trading performance. Their global trading networks allow them to move crude and refined products across regions, taking advantage of price differences created by supply disruptions.

These firms trade volumes far exceeding their own production, turning volatility into profit. In the current crisis, trading has significantly boosted earnings, offsetting weaker performance in other segments.

Volatility creates both gains and exposure
The sharp rise in Brent crude prices and market instability has created lucrative arbitrage opportunities. Companies have rerouted fuel shipments across longer and unusual routes to capture higher margins.

However, these strategies come with risks. Trading at such scale requires large amounts of capital, and holding cargoes for extended periods increases financial exposure if market conditions shift.

Trading as a shock absorber
For European majors, trading divisions have acted as a buffer during the crisis. Losses from disrupted production or regional exposure have been partially offset by gains in trading, highlighting the strategic importance of these operations in volatile markets.

US majors rely on production strength
In contrast, Exxon Mobil and Chevron focus primarily on large scale oil and gas production. Their output significantly exceeds that of European rivals, giving them a strong advantage when prices rise.

While they have more limited trading operations, their upstream strength allows them to generate substantial cash flow in high price environments without relying heavily on market arbitrage.

Structural differences in strategy
The divergence reflects long term strategic choices. European companies invested more heavily in renewables and diversified energy portfolios, which limited growth in their upstream production. US firms, by contrast, maintained a strong focus on expanding oil and gas output.

As a result, European majors depend more on trading to drive returns, while US majors depend on production scale.

Analysis
The Iran war has highlighted a clear split in the global energy industry between trading focused and production focused business models. European majors have shown that strong trading capabilities can generate significant profits during periods of disruption, effectively turning volatility into an advantage.

However, this model is inherently unpredictable. Trading gains depend on market conditions and may not be sustainable if volatility declines. In contrast, the US model offers more stable returns tied directly to production levels and commodity prices.

In the long term, this divide could shape investor perceptions and valuations. If European companies continue to rely heavily on trading while lagging in production, the gap between them and US rivals may widen. The industry is increasingly defined by a fundamental question: whether it is more profitable to move oil around the world or to produce it at scale.

With information from Reuters.