MIAMI – A stunning $1 million insider trading scheme has been uncovered in Miami, with four residents charged with reaping the illicit profits. The scheme, which involved a close circle of family members and friends, saw the defendants use confidential information to buy and sell stock at a profit.
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.
According to the indictment, the scheme unfolded in the following way: Federico Nannini began advising Coral Gables-based MasTec Inc. (MasTec) about the company’s proposed acquisition of Infrastructure and Energy Alternative Inc. (IEA) in approximately June 2022. He then shared confidential information about the acquisition with his father, Mauro Nannini, and Thermiotis.
Mauro Nannini bought shares the day after Federico Nannini received access to financial information about the proposed acquisition. Thermiotis also passed the confidential acquisition information to Tonarely, shortly after Tonarely texted him: ‘I want to make some money right now . . . What we do?’ After Thermiotis passed the confidential information to Tonarely, he texted: ‘Not a soul okay.’ According to the indictment, Tonarely responded back: ‘Obviously . . . You told me not to.’
As the acquisition progressed, Federico Nannini updated his father and close friend about the transaction. Thermiotis, in turn, continued to update Tonarely. When Federico Nannini became worried the acquisition would not go through, Mauro Nannini sold his IEA stock, according to the indictment.
When Federico Nannini received confidential financials that indicated the acquisition was going forward, he texted Thermiotis: ‘Its going thru . . . Holy shit bro.’ Thermiotis responded: ‘Don’t text . . .But lfg.’ At that point, Mauro Nannini began to buy back his position in IEA stock and options.
When MasTec’s acquisition of IEA was reported publicly on July 25, 2022, Mauro Nannini, Thermiotis, and Tonarely all sold their shares and option contracts in IEA at a profit. Two days later, on July 27, 2022, Federico Nannini texted Thermiotis a picture of a Rolex Daytona, saying ‘You wanna hook it up for the boy. I know it’s a little over budget but this is the one.’ Thermiotis responded: ‘Haahaha yeah but give it a bit . . . Prices should come down a bit on everything.’
A conviction for securities fraud, in violation of 15 U.S.C. §§ 78j(b) & 78ff, carries a maximum penalty of 25 years’ imprisonment; conspiracy to commit securities fraud, in violation of 18 U.S.C. § 371, carries a maximum penalty of 5 years’ imprisonment; and securities fraud, in violation of 18 U.S.C. § 1348, carries a penalty of 20 years’ imprisonment.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
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Key Facts
- State: Florida
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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