Judge sets trial date for soldier accused of profiting $400,000 on Maduro raid
A federal judge set a tentative trial date of Dec. 7 for Master Sgt. Gannon Ken Van Dyke, who is accused of using classified information to profit from Polymarket bets connected to a military operation that led to the capture of former Venezuelan dictator Nicolás Maduro. Prosecutors say Van Dyke allegedly made at least $400,000 by placing bets before the raid and that his access to sensitive information allowed him to predict when the mission would occur.
Van Dyke pleaded not guilty in late April. At a recent hearing in New York, his defense team indicated they plan to file a motion to dismiss the grand jury indictment by July 31. Prosecutors estimate their case will take about a week if the matter goes to trial,while the defense expects just a few days. the same judge, Margaret Garnett, is also presiding over another federal case involving Luigi mangione, slated to begin trial in Jan. 2027.
The Justice Department charged Van Dyke with several offenses,including unlawful use of confidential government information for personal gain,theft of nonpublic information,commodities and wire fraud,and an unlawful monetary transaction.the case is described as the first federal prediction-market insider-trading prosecution to reach trial, as Polymarket and Kalshi face increasing scrutiny from Congress and may face new regulation.
A federal judge on Monday set a tentative trial date for the soldier who was charged with using classified information to profit from bets on Polymarket related to the military operation that resulted in the capture of former Venezuelan dictator Nicolas Maduro.
The trial of Master Sgt. Gannon Ken Van Dyke has been scheduled for Dec. 7.
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Van Dyke allegedly pocketed at least $400,000 after making a series of bets in the days leading up to the raid. He allegedly ultimately predicted when the mission to capture Maduro would take place because of his access to classified information on the operation.
Insider trading is illegal under federal law, especially for military service members with access to classified information.
The Justice Department charged Van Dyke with the alleged unlawful use of confidential government information for personal gain, theft of nonpublic government information, commodities fraud, wire fraud, and making an unlawful monetary transaction. In late April, the defendant pleaded not guilty to the charges.
During the latest court hearing held by U.S. District Judge Margaret Garnett in New York, Van Dyke’s defense lawyers indicated they plan to file a motion to dismiss the grand jury indictment by July 31.
If the case proceeds to a December trial, federal prosecutors estimated their case will take about one week. The defense lawyers said their case will last a “couple of days.”
Garnett is the same judge presiding over the federal trial of Luigi Mangione, who was charged with murdering UnitedHealthcare CEO Brian Thompson in December 2024. Mangione is set to go to trial, starting Jan. 25, 2027, after Garnett oversees Van Dyke’s trial.
SOLDIER CHARGED WITH MAKING OVER $400,000 ON MADURO RAID BET PLEADS NOT GUILTY
The next status conference in the prediction markets case is scheduled for Sept. 28.
This is the first federal prosecution of insider trading on a prediction market to go to trial. The case comes as Polymarket and Kalshi face growing scrutiny from Congress, which may soon be weighing legislation to regulate the betting platforms.
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