Kalshi Bans George Santos for Illegal Trading
Prediction market platform Kalshi has permanently banned former GOP Rep. George Santos after he allegedly traded based on non-public information regarding his attendance at this year's State of the Union address. The company also fined him $71,356 and accused him of making misleading public statements to manipulate contract prices. This follows a previous fine from the Commodity Futures Trading Commission (CFTC) in July 2024 for similar violations. Santos had already been expelled from Congress in 2023 after being found guilty of wire fraud and identity theft, though his sentence was later commuted by former President Donald Trump. He reportedly made over $17,000 through these trades before Kalshi referred the case to federal investigators. Santos responded defiantly on X (formerly Twitter), questioning how long Kalshi would remain in business after banning him for life.
