George Santos Under DOJ and CFTC Investigation Over Alleged Insider Trading on Kalshi Prediction Market
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Summary
Former congressman George Santos, who was pardoned, allegedly placed trades on the prediction market Kalshi betting against his own attendance at President Trump's State of the Union address, while publicly stating he planned to attend. Kalshi detected the suspicious activity, suspended his account, and referred the case to the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ). Santos reportedly made tens of thousands of dollars by deceiving bettors about his February plans.
Key quotes
· 3 pulledTwo federal agencies are examining trades the pardoned former congressman George Santos allegedly placed on prediction market Kalshi, made against his own attendance at President Donald Trump's State of the Union address while he told the public he planned to show, NPR reported.
Kalshi caught the activity, suspended his account, and referred the case to the Commodity Futures Trading Commission and the Department of Justice, two people familiar with the exchange's review told the outlet.
Santos pocketed tens of thousands of dollars by deceiving bettors about his February plans, according to NPR.
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