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Recent Editions
Risk Channel
North America
Federal prosecutors have charged a Google employee with fraud, alleging that he made $1.2m from bets on Polymarket that used insider information. Michele Spagnuolo, an Italian citizen, has been charged with money laundering, commodities fraud and wire fraud, according to the complaint filed in the Southern District of New York. “Spagnuolo had access to Google’s internal data systems, including a particular Google internal software tool that provided him access to confidential, nonpublic Year in Search data,” the prosecutors said in their complaint. “Google officially and publicly announced its Year in Search 2025 results on or about December 4, 2025. Soon after it did so, Spagnuolo’s AlphaRaccoon account profited approximately $1.2 million on his Google Year in Search 2025-related bets,” the complaint said. A Google spokesperson, responding to the charges against Spagnuolo, said: "Using such confidential information to place bets is a serious breach of our policies. We've placed the employee on leave and will take the appropriate action."
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Risk Channel
UK/Europe
Temu has been fined €200m by the European Commission for failing to adequately address the risk of illegal products being sold on its platform, making it only the second company to be penalised under the EU’s Digital Services Act (DSA). Brussels said the Chinese ecommerce marketplace had not done enough to mitigate the “systemic risks” posed by illegal goods, despite DSA requirements for large online platforms to assess and manage such risks. Temu is also facing a separate EU investigation into whether illegal products, including items that may not meet EU safety standards, have been sold on its marketplace. The company has until the end of August to submit an action plan detailing how it will improve its risk assessment and compliance processes. Under the DSA, fines can reach up to 6% of annual global revenue for non-compliance.
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