Google employee charged with $1M Polymarket insider trading bet on search term

Post by iammrpayments » Thu, May 28, 2026, 6:46 AM UTC

esalman wrote: post #68

burnhamup wrote: post #39

I was curious how a man in Switzerland gets charged in the US for a placing bets on a site that doesn't allow the US to participate. The short answer seems to be that he stole private information from a US company and used that information to enrich himself. And then got that charge enhanced with things like wire fraud and transacting on systems involving US currency. And another commentor suggests that punishing ins…

US charged and arrested a man in Venezuela so...

Post by napolux » Thu, May 28, 2026, 6:48 AM UTC

Post by CommonGuy » Thu, May 28, 2026, 6:55 AM UTC

burnhamup wrote: post #39

I was curious how a man in Switzerland gets charged in the US for a placing bets on a site that doesn't allow the US to participate. The short answer seems to be that he stole private information from a US company and used that information to enrich himself. And then got that charge enhanced with things like wire fraud and transacting on systems involving US currency. And another commentor suggests that punishing ins…

Post by croes » Thu, May 28, 2026, 7:02 AM UTC

nostrademons wrote: post #11

wyldfire wrote: post #5

Of course he should be punished but the best lesson here is for bettors. Those who wager on "prediction markets": you are betting against people who have access to more information or can influence the outcome of the wager. Don't waste your money.

That's sort of the point of prediction markets: they surface insider information by allowing people to profit off of it. The benefit is to people watching the prices , who can then use that information to make better decisions ahead of the answer being revealed to the public. It's not necessarily to market participants, who need to be aware of who else is trading the market and have a credible reason to believe they…

Post by cm2187 » Thu, May 28, 2026, 7:25 AM UTC