09/16/2024

Four Miami Residents Charged with Reaping Over $1 Million From Friends and Family Insider Trading Scheme

U.S. Attorney's Office Southern District of Florida

MIAMI – A federal indictment was unsealed today charging four Miami area residents with obtaining over $1 million from illegal securities trading. As described in the indictment, the defendants shared confidential information within a close circle of family members and friends, then used that information to buy stock or options at a lower price and sell at a profit after the information became public. 

The indictment charges Federico Nannini, 26, Mauro Nannini, 63, Alejandro Thermiotis, 26, and Francisco Tonarely, 25, all of Miami, Fla., with one count of conspiracy to commit securities fraud, in violation of 18 U.S.C. § 371, twelve counts of securities fraud, in violation of 18 U.S.C. § 1348, and twelve counts of securities fraud, in violation of 15 U.S.C. §§ 78j(b) & 78ff. All four defendants were arrested, and initial hearings commenced this afternoon.

According to the indictment, which includes forfeiture allegations, the scheme unfolded in this way:

In approximately June 2022, Federico Nannini began advising Coral Gables based MasTec Inc. (MasTec) about the company’s proposed acquisition of Infrastructure and Energy Alternative Inc. (IEA). At the time, both MasTec and IEA traded on the NASDAQ Stock Market.

Immediately after, Federico Nannini began sharing confidential information about the acquisition with Mauro Nannini and Thermiotis. Federico Nannini, Thermitois, and Tonarely had attended high school together in Pinecrest, Fla.