Jordanian Royal Relative and Associates Charged in Insider Trading Scandal

Four men, including a relative of the King of Jordan, were charged with conspiring to commit insider stock trades involving South Florida company, MasTec. The indictment alleges they used confidential information to profit from a business acquisition, facing severe penalties if convicted.

Authorities have charged four men, including a relative of the King of Jordan, for allegedly conspiring to commit insider stock trades on a business acquired by MasTec, a major publicly held company in South Florida.

Federico Nannini, 26, his father, Mauro Nannini, 63, and friends Alejandro Thermiotis, 26, and Francisco Tonarely, 25, were arrested and federally indicted for conspiracy to commit securities fraud and 24 related offenses. The Miami Herald reports that Thermiotis is related to the King of Jordan through his brother's marriage to King Abdulla's daughter, Princess Iman.

The US Attorney's Office indictment claims the four used confidential information to buy shares at lower prices, profiting $1 million. The SEC filed a parallel civil lawsuit. Allegedly, the insider trading began in June 2022, with MasTec's acquisition of Infrastructure and Energy Alternatives. The defendants communicated this information within their close circle, leading to significant profits. If convicted, they face up to 25 years in prison for each securities fraud charge.

(With inputs from agencies.)