Kalshi permanently bans ex-Congressman George Santos for life after concluding he likely was insider trading
Summary
The online prediction platform Kalshi permanently banned former U.S. Representative George Santos after finding he likely used insider information to bet against his attendance at the State of the Union address. Santos made a profit from these bets and was also fined more than $71,000.Key Facts
- Kalshi banned George Santos for life from its platform due to suspected insider trading related to bets on his attendance at the State of the Union address.
- Santos made a profit of $17,839 from trading related to whether he would attend the address.
- Santos publicly said he planned to attend but later announced he was stuck at the airport during President Trump’s speech.
- The ban includes a $71,356 penalty and prevents Santos from trading on Kalshi directly or indirectly.
- Kalshi’s compliance team said Santos made misleading statements to influence betting prices.
- Santos was convicted of fraud and identity theft in 2024 and sentenced to seven years in prison.
- President Donald Trump commuted Santos’s sentence after he served 84 days in jail.
- Santos was expelled from the U.S. House of Representatives before these events took place.
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