Former Goldman Sachs investment analyst, Anthony Viggiano, and his two friends have been indicted for insider trading. Viggiano allegedly tipped off his friends about major financial deals using encrypted messaging and even a game console’s audio chat feature. In a secretly recorded conversation, Viggiano mentioned using an Xbox 360 chat, claiming it was untraceable. Together, the trio made at least $400,000 from the insider trading scheme before being caught.
While it is unclear whether the Xbox 360 was the specific console used, the government claims that Viggiano did use a video game console’s audio chat to communicate with his friends. The communication allegedly allowed Viggiano to disclose information about the acquisition of ChannelAdvisor and the expected price. Although the conversation about the untraceability of the Xbox 360 chat occurred in June 2023, the console is still in use today. Microsoft has announced that multiplayer gaming on the Xbox 360 will continue as long as the publisher supports the online servers.
The indictment against Viggiano and his friends highlights their brazen behavior and disregard for the legal consequences of their actions. Engaging in insider trading and using unconventional means like game consoles to pass on illegal information ultimately led to their exposure and subsequent indictment. This case serves as a reminder that individuals involved in financial crimes should choose more secure and discreet methods if they intend to avoid detection and legal repercussions.