Four residents of Miami have been taken into custody following allegations concerning their involvement in a devious insider trading operation that yielded them over $1 million, according to a recently unsealed federal indictment. Federico Nannini, Mauro Nannini, Alejandro Thermiotis, and Francisco Tonarely all face charges, including securities fraud and conspiracy to commit securities fraud. The details were announced by U.S. Attorney Markenzy Lapointe for the Southern District of Florida, alongside Special Agent in Charge Jeffrey B. Veltri of the FBI's Miami Field Office.
The scheme, as outlined in the U.S. Attorney's Office, began around June 2022. Federico Nannini, then advising MasTec Inc. on a substantial acquisition of Infrastructure and Energy Alternative Inc. (IEA), both NASDAQ-listed entities, allegedly relayed privileged information to Mauro Nannini and Thermiotis, who then disseminated it to Tonarely, a former high school classmate from Pinecrest. Each of these transactions seemingly intertwined with personal ties and shared histories.
This insider information exchanged hands quickly, with Federal authorities citing multiple instances of stock purchases made in anticipation of the public announcement of the acquisition. The profitable sales that followed were corresponding as perfectly-timed as the notes of a well-rehearsed symphony, leaving a traceable trail of financial advantage pursued with a precision that disregards the fair-play principles of the market.
The unveiling of the public report on the said acquisition on July 25, 2022, acted as the match that lit the fuse—resulting in immediate sales by Mauro Nannini, Thermiotis, and Tonarely, sealing their substantial profits. It was after this liquidation that a text from Federico to Thermiotis regarding an expensive Rolex Daytona surfaced, punctuating their financial triumph with the luxury of time on a silver wrist. “You wanna hook it up for the boy. I know it’s a little over budget but this is the one,” Federico texted, "Haahaha yeah but give it a bit . . . Prices should come down a bit on everything," Thermiotis replied, according to the press release.
If convicted of securities fraud, the accused could face significant prison time—up to 25 years for certain charges. However, despite the weighty allegations and the images of handcuffs and courtrooms that they might conjure, these defendants remain housed under the presumption of innocence until a final judgment is made.
The U.S. Attorney's Office has not only commended the FBI's investigative efforts but has made available further details surrounding this case. For those inclined to dig deeper into the narrative painted by court documents and subpoenas, the press release and related information may be accessed on the U.S. Attorney’s Office website for the Southern District of Florida and the District Court for the Southern District of Florida's website linked within the press release.
