Authorities arrest a relative of the King of Jordan and 3 others for $1M insider-trading plot
He and three others face insider stock trading charges in Miami.
MIAMI — Authorities charged four men, including a relative of the King of Jordan, for conspiring to make insider stock trades on a business acquired by one of South Florida’s major publicly held companies, MasTec.
Federico Nannini, 26; his father, Mauro Nannini, 63; and two of his friends, Alejandro Thermiotis, 26; and Francisco Tonarely, 25, were arrested Friday and charged in a federal indictment with one count of conspiracy to commit securities fraud and 24 related offenses, The Miami Herald reported.
Thermiotis is the King of Jordan's relative. Thermiotis’ brother, Jameel, married King Abdulla’s daughter, Princess Iman, last year. The Jordanian Royal Palace did not respond to a request for comment.
According to the indictment from the U.S. Attorney's Office for the Southern District of Florida, the four defendants shared confidential information within a close circle of family and friends, and used it to buy shares at a lower price and then turn a $1 million profit after the information became public.
The Securities and Exchange Commission also filed a parallel civil lawsuit against them in Miami federal court. All four had their first court appearances on Friday.
Federal authorities said the alleged scheme began in June 2022 when Federico Nannini, a consultant, began advising MasTec on its planned acquisition of Indiana-based Infrastructure and Energy Alternatives.
MasTec is an engineering and construction company based in Coral Gables, Florida, that provides infrastructure services for the energy, utility and communications industries.
Federico Nannini then started sharing the confidential information with his father, Mauro Nannini, and
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