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insider trading
Top SEC Official Reportedly Quit Over Leadership’s Soft Pedaling of Trump-Linked Cases
New reporting reveals that the top enforcement official at the Securities and Exchange Commission clashed with agency leaders over cases involving billionaires Elon Musk and Justin Sun.
Mar 24, 2026
The top enforcement official at the US Securities and Exchange Commission, the agency tasked with investigating insider trading and other illegal activity in financial markets, resigned last week after reportedly clashing with the regulatory body's leadership over the handling of cases linked to President Donald Trump.
Reuters reported Monday that Margaret Ryan, who until last week served as director of the SEC's Division of Enforcement, "wanted to be more aggressive in pursuing charges for fraud and other misconduct, including in cases that touched the president's circle, but faced resistance from SEC chair Paul Atkins and other top Republican political appointees."
Ryan, who previously served as a judge on the US Court of Appeals for the Armed Forces, lasted just under seven months in the SEC role, which observers said is unusual. According to Reuters, one case that "sparked tension" between Ryan and SEC leadership "involved cryptocurrency entrepreneur Justin Sun, a major backer of the Trump family's World Liberty Financial venture."
Earlier this month—less than two weeks before Ryan announced her departure from the agency—the SEC dismissed a case against Sun that the Biden administration brought in 2023, accusing the billionaire of violating "antifraud and market manipulation provisions of the federal securities laws."
Reuters reported that another case over which Ryan and SEC leaders clashed "involved Tesla boss Elon Musk, a big donor to Trump's campaign who briefly served as the president's special adviser."
"March court filings showed that the SEC is in talks with Musk to settle charges that he waited too long to disclose in 2022 that he had amassed a large stake in Twitter, which he later bought and renamed X. That allowed Musk to buy more shares at artificially low prices, it said. The agency filed the charges a week before Trump took power in January last year."
"During a March 4 court hearing, the details of which were first reported by the FT, a lawyer for Musk said those talks were with officials above the SEC staff working on the case, the transcript shows," the outlet continued. "While it is common for the agency to settle litigation out of court, it had strong cases against both Sun and Musk and a good chance of winning tougher penalties in court, according to securities lawyers who had been tracking the proceedings."
Bombshell reporting alleging that the @SECGov enforcement director suddenly quit 6-mo into the job over the political appointees going too easy on Justin Sun & Muskhttps://t.co/t88oOk3AUu
— Amanda Fischer (@amandalfischer) March 23, 2026
Ryan's abrupt departure comes at a time when a small number of unidentified traders and gamblers are making huge, suspiciously timed bets related to major US foreign policy decisions, including in Venezuela and Iran. The lucrative bets have sparked concerns that members of Trump's inner circle are illegally profiting off nonpublic information—and potentially influencing life-or-death government decisions.
The New York Times noted that Ryan's exit could "further embolden" Atkins, the Trump-appointed SEC chair, to "rein in the agency’s enforcement division."
"Well before Ms. Ryan arrived," the Times reported last week, "the agency had begun to retreat from a variety of Biden-era enforcement priorities, including cracking down on Wall Street and the cryptocurrency industry."
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'Mind-Blowing Corruption': Traders Placed Massive Bets Minutes Before Trump Post on Iran
"Who was it? Trump? A family member? A White House staffer?" asked US Sen. Chris Murphy.
Mar 24, 2026
Just minutes before US President Donald Trump momentarily boosted the stock market—and sent oil prices tumbling—with his disputed Monday announcement of peace talks with Iran, unknown traders loaded up on positions that allowed them to profit from the resulting movement in equities and commodities.
The Financial Times reported that "roughly 6,200 Brent and West Texas Intermediate futures contracts changed hands between 6:49 am and 6:50 am New York time on Monday, just a quarter of an hour ahead of the US president’s post on Truth Social that there had in recent days been 'productive conversations' with Tehran to end the war in Iran."
FT added that the notional value of those trades was $580 million.
"Trading volumes for Brent and WTI leapt at the same time, 27 seconds before 6:50 am," the newspaper reported. "Futures tracking the S&P 500 share index jumped in price moments after the oil trade, with volumes also rising significantly during that timeframe. It was not known whether one entity or several entities were behind Monday’s trades."
An unnamed trader at a "major hedge fund" told FT that "my gut from watching markets for the last 25 years is this is really abnormal."
"It’s Monday morning, there’s no important data today, there aren’t any Fed speakers you’d want to front-run. It’s an unusually large trade for a day with no event risk," the trader said. "Somebody just got a lot richer.”
A BBC review of market data similarly found that "traders bet hundreds of millions of dollars on oil contracts just minutes before" Trump's announcement of talks with Iran. Iranian officials publicly denied that they are negotiating with the Trump administration, and Iran's top lawmaker accused the US president of peddling "fake news" in an attempt to "manipulate the financial and oil markets."
The suspiciously timed bets ahead of the US president's post heightened concerns that Trump administration insiders are illegally trading on—and profiting massively from—nonpublic knowledge.
Responding to a report that $1.5 billion worth of S&P 500 futures was purchased just five minutes before Trump's Monday announcement, US Sen. Chris Murphy (D-Conn.) asked: "Who was it? Trump? A family member? A White House staffer?"
"This is corruption," the senator wrote. "Mind-blowing corruption."
Last week, Murphy joined US Rep. Greg Casar (D-Texas) in unveiling legislation that would ban prediction markets on "government actions, terrorism, war, assassination, and events where an individual knows or controls the outcome."
The bill came on the heels of suspiciously timed, highly profitable bets related to US military actions in Venezuela and Iran.
The Guardian reported Monday that several newly created accounts on the online prediction platform Polymarket "laid bets on a US-Iran ceasefire over the weekend that appeared to show signs of insider knowledge, according to experts."
Researcher Ben Yorke told the newspaper that the accounts—which are anonymous—"definitely" look like "someone with some degree of inside info."
The Guardian noted that "online crypto watchers and experts suggested that the bets bore the signs of insider trading—both because they bought their positions at market price, and because some of the accounts looked like they could belong to a single investor attempting to conceal their identity by splitting their bet between multiple wallets."
According to Yorke, "Typically, when you see wallet-splitting and deliberate attempts to obfuscate identity, it’s one of two scenarios: either a very large investor trying to shield their position from market impact, or insider trading."
The Trump White House insisted Monday that any suggestion of insider trading "is baseless and irresponsible reporting."
“The White House does not tolerate any administration official illegally profiteering off of insider knowledge," said White House spokesperson Kush Desai.
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'Bone-Chilling': Gamblers ‘Vowing to Kill’ Journalist Unless He Changes Iran War Report to Help Them Win Polymarket Bet
“After you make us lose $900,000, we will invest no less than that to finish you.”
Mar 16, 2026
An Israeli journalist said he's received death threats from gamblers demanding he change an accurate report about an Iranian missile strike in order to help them win a bet on the prediction app Polymarket.
On Monday, Emanuel Fabian, a military correspondent for The Times of Israel, wrote that he was confused when he suddenly received several requests to correct a report on March 10 that an Iranian missile had struck Israeli territory.
Fabian said he'd based his report on information from "rescue services" as well as "footage that emerged showing the massive explosion caused by the missile’s warhead." No injuries were reported from the impact, as the missile struck an empty area outside the city of Beit Shemesh, near Jerusalem.
"What I thought was a seemingly minor incident during the war has turned into days of harassment and death threats against me," Fabian said.
Hours after posting the report to the paper's live blog, Fabian said he received an email, from a user identifying as Aviv, claiming that what had hit the ground was not a missile, but an interceptor fragment.
Fabian contended military sources had confirmed it was a missile and that the impact was far too large to have been from only an interceptor.
He then received another email from a user named Daniel with the exact same gripe. Daniel described having an "urgent request" for the report to be changed and told Fabian that by changing it, "you would be helping me, many others, and, of course, the state of Israel."
Daniel sent Fabian several more emails over the next couple of days demanding a correction, and the tone continued to grow more urgent.
"I ask again, if you could handle this as soon as possible, it would help us a lot," Daniel said on Thursday. "It’s really important, if possible, still this morning."
Other users messaged him with the same complaint over email and the messaging app Discord. It was only when Fabian received more angry replies from two more users on X that he realized what was going on.
"Checking those X accounts, both appeared to be involved in gambling on the Polymarket betting site," he explained. "As far as I now understand, the emails I received were intended to confirm whether or not a missile had hit Israel on March 10 in order to resolve a prediction on Polymarket."
Polymarket is a cryptocurrency-based prediction market where users buy and sell shares tied to real‑world events, enabling them to bet on the likelihood of future events, including those in wartime.
Fabian found that the people clamoring for his attention had put money on whether Iran would strike Israel on March 10. "This market will resolve to ‘Yes’ if Iran initiates a drone, missile, or air strike on Israel’s soil on the listed date in Israel Time (GMT+2). Otherwise, this market will resolve to ‘No’,” the website explained. However, it stipulates that intercepted missiles would not receive a "yes" verdict.
As of March 16, gamblers had wagered more than $14 million on the event.
Over the next several days, requests continued to roll in from people demanding a correction to the story.
One user presented a fabricated email, purportedly from Fabian to Daniel, stating that the Israel Defense Forces had confirmed the missiles were intercepted and that he planned to correct the story.
Fabian was later approached by a colleague at another publication, who said his friend had asked him to reach out for the story to be changed. After being confronted, the friend admitted that he had money on the wager too, and offered some of his winnings to Fabian's colleague if he could persuade the journalist to change the story.
By the weekend, the messages had become violent. Fabian said a user identified as Haim accosted him with several threatening messages in Hebrew over WhatsApp:
"You have exactly half an hour to correct your attempt at influence,” Haim wrote. "Despite the fact that you received countless inquiries—you insist on leaving it that way.”
“If you do not correct this by 01:00 Israel time today, March 15, you are bringing upon yourself damage you have never imagined you would suffer,” he threatened, in a very lengthy message.
Haim also attempted to call me via WhatsApp multiple times during the night, before sending me more messages.
“You have no idea how much you’ve put yourself at risk. Today is the most significant day of your career. You have two choices: either believe that we have the capabilities, and after you make us lose $900,000 we will invest no less than that to finish you."
Haim also threatened Fabian by referring "with specific details" to his home address, his parents, and family.
After receiving several more threats and being contacted by someone purporting to be a "lawyer," Fabian went to the police, who he said are now investigating the situation.
The threats continued into Monday, after Fabian ran into a bomb shelter amid another Iranian missile attack.
"The attempt by these gamblers to pressure me to change my reporting so that they would win their bet did not and will not succeed," Fabian said. "But I do worry that other journalists may not be as ethical if they are promised some of the winnings."
He said that journalists are in a unique position to "exploit their knowledge for insider trading on the platform."
Polymarket and other similar "prediction market" apps like Kalshi have come under similar scrutiny in the United States for allowing users to place suspiciously timed bets on military actions taken by the Trump administration.
Earlier this month, the watchdog group Public Citizen sent a letter to the chair of the Commodity Futures Trading Commission (CFTC), which regulates prediction markets, outlining a series of "highly suspicious" bets made just before President Donald Trump launched strikes against Iran on February 28. Among the big winners were what the Wall Street Journal described as "six suspected insiders,” whose immaculately timed wagers netted them a $1.2 million profit.
In January, another trader made more than $436,000 after betting that Veneuzelan President Nicolás Maduro would be removed from power just hours before Trump launched an operation to remove him.
In the face of state regulations, the Trump administration has sought to ease restrictions on betting apps. The Trump family's media company offers access to prediction markets on its Truth Social platform via Crypto.com. Meanwhile, Donald Trump Jr. is an adviser to both Polymarket and Kalshi.
US Sen. Chris Murphy (D-Conn.), who has emerged as a leading critic of prediction markets, described Fabian's account as a "bone-chilling story."
The senator said: "We need to end prediction markets for government action. NOW."
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