Former Rep. George Santos investigated for alleged insider trading on Kalshi prediction market
By
Marshall Cohen, CNN
Lightly toasted, lightly seasoned, mostly correct.
Summary
Former New York Rep. George Santos, already convicted on federal fraud charges and ousted from Congress, is now under investigation for alleged insider trading on the prediction market Kalshi. The platform flagged suspicious activity in a market about whether Santos would attend President Donald Trump's 2025 State of the Union address, where traders placed millions of dollars in bets. Santos previously went to prison on fraud charges after being expelled from Congress.
Key quotes
· 3 pulledFormer New York Rep. George Santos, who went to prison last year on federal fraud charges after being ousted from Congress, is now under scrutiny for his trading on prediction markets, according to two sources familiar with the matter.
The prediction site Kalshi identified suspicious activity in a market about whether the former Republican lawmaker would attend the State of the Union address this year, according to one of the sources.
Traders on Kalshi placed millions of dollars in bets on who would attend President Donald Trump's speech, including Santos.
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