Story perspectives

Soldier Indicted for $400K Insider Bet on Venezuela

4/25/2026

Summary

Story summary

Gannon Ken Van Dyke, a soldier, was indicted in Manhattan for use of confidential information and wire fraud.
He wagered $400,000 on Polymarket that U.S. forces would enter Venezuela and that Nicolás Maduro would be ousted.
U.S. Attorney Jay Clayton called the conduct clear insider trading illegal under federal law.
President Donald Trump likened the scandal to Pete Rose’s gambling case, prompting the Commodity Futures Trading Commission to file charges.

History

Historical Context

In October 2009, the U.S. Justice Department and the SEC arrested Galleon Group founder Raj Rajaratnam, charging him with an insider-trading scheme that generated over $25 million in illegal profits. The case, built on more than 18,000 wiretapped calls and 14 felony counts, led to an 11-year prison term and a record $92.8 million civil penalty, underscoring the post-2008 crackdown on Wall Street misconduct.

1 of 2

Story summary

Gannon Ken Van Dyke, a soldier, was indicted in Manhattan for use of confidential information and wire fraud.
He wagered $400,000 on Polymarket that U.S. forces would enter Venezuela and that Nicolás Maduro would be ousted.
U.S. Attorney Jay Clayton called the conduct clear insider trading illegal under federal law.
President Donald Trump likened the scandal to Pete Rose’s gambling case, prompting the Commodity Futures Trading Commission to file charges.

1 / 2