Kalshi bans ex-Congressman George Santos for life after concluding he likely was insider trading
Summary
Kalshi, an online market platform, permanently banned former U.S. Rep. George Santos for likely insider trading related to bets he made on whether he would attend the State of the Union address. Santos made about $17,839 in profits from these bets and was also fined $71,356.Key Facts
- Kalshi banned George Santos for life from their platform starting last Friday.
- The ban came after an investigation found Santos likely used insider information to profit on trades about his attendance at the State of the Union.
- He made nearly $18,000 betting against his own attendance at the event.
- Santos had publicly talked about attending the address but did not go and said he was delayed at the airport.
- Kalshi said Santos made false or misleading public statements to affect the betting market.
- Santos was previously convicted of fraud and identity theft in 2024 and was sentenced to seven years in prison.
- President Donald Trump granted Santos clemency, releasing him after 84 days in prison.
- Kalshi also fined Santos $71,356 for violating their rules by trading in a market where he could influence the outcome.
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