SpaceX engineer ‘MillionaireMike’ has pleaded guilty to insider trading using information bought on the dark web

A SpaceX engineer who called himself “MillionaireMike” has conceded to insider exchanging utilizing information he purchased on the dark web, the feds said.

James Roland Jones faces as long as five years in jail for the exchanging plans he submitted around four years prior, as per Florida government prosecutors who brought the case.

The Securities and Exchange Commission documented a different protest blaming Jones for selling sham “insider tips” in what the agency called its first implementation activity against supposed securities violations on the dark web.

The Tampa US Attorney’s Office on Thursday distinguished Jones as a SpaceX engineer from Hermosa Beach, California, yet didn’t say when he worked at the rocket-developer or how long he was there.

A connect to Jones’ LinkedIn profile depicts him as a “Level II Manufacturing Engineer” at the Elon Musk-drove company, however the remainder of the profile has obviously been erased.

His supposed violations don’t seem to include SpaceX given that it’s a secretly held company. SpaceX didn’t quickly react to a solicitation for input Friday.

Jones utilized his “MillionaireMike” moniker on the dark web to purchase names, addresses, Social Security numbers and other individual information, the feds said. He supposedly utilized those subtleties to set up sham speculation represents the motivation behind exchanging securities dependent on non-public information.

Jones made a few such exchanges after a covert FBI laborer gave him an indicated tip about a publicly exchanged company April 2017, as per prosecutors.

Around a quarter of a year later, Jones told the FBI specialist that he’d gotten inside data about an alternate company that he used to make more exchanges over an approximately fourteen day time frame, the feds asserted.

Jones likewise endorsed on to a dark web commercial center where he sold data he “dishonestly portrayed as material, nonpublic information” in exchange for bitcoin, as per the SEC, which said it arrived at a settlement with Jones.

“This case shows that the SEC can and will seek after securities law violators any place they work, even on the dark web,” David L. Peavler, director of the controller’s Fort Worth regional office, said in an explanation.