Ex-Congressman George Santos Receives Kalshi’s First-Ever Lifetime Ban
- Kalshi announced a lifetime ban for former Rep. George Santos on Monday, imposing a $71,356 penalty after regulators alleged the former Republican congressman engaged in insider trading regarding his attendance at the speech featuring President Donald Trump.
- Regulators claim Santos profited from contracts predicting he would miss the speech while publicly suggesting he planned to attend, with market odds reaching close to 75% on the eve of the event.
- The incident occurred four months after President Donald Trump granted Santos clemency in a fraud case following his expulsion from the House, and Santos settled a related Commodity Futures Trading Commission case for more than $35,000.
- Responding to the ban, Santos mocked the platform, writing: "Hey @Kalshi thanks for the lifetime ban from your gambling platform." The former congressman retains the right to appeal to the CFTC.
- This marks Kalshi's first lifetime ban, placing the case at the center of insider trading scrutiny within the prediction market industry as the company noted the suspension was influenced by Santos' failure to participate in its review process.
7 Articles
7 Articles
Kalshi bans ex-Congressman George Santos for life after concluding he likely was insider trading
The online prediction market platform Kalshi said Monday that it has permanently banned former U.S. Rep. George Santos after concluding the former Republican congressman likely engaged in insider trading when he bet against his attendance at the State of the Union address.The company announced the ban after saying its compliance department had established reasonable cause to believe Santos engaged in insider trading over his attendance at the ad…
George Santos is the first person banned from Kalshi for life.
Kalshi says that in February, the former Republican congressman “placed a series of large trades in a market where the underlying contracts depended upon his own attendance” at the State of the Union. He’s now permanently banned and penalized $71,356. In other news about everything being gambling now: * Columbia Journalism Review: Polymarket’s AI Is Feeding Users Fabricated Information * CNN: Young adults under 21 traded $5 billion on Kalshi thi…
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