Ex-Congressman George Santos Receives Kalshi’s First-Ever Lifetime Ban
Kalshi said Santos tried to profit from a market he could influence, and the company added a penalty after he failed to fully cooperate.
- 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.
259 Articles
259 Articles
The former congressman stated that he would go to the state of the nation's discourse, which caused the odds to fire on his presence, but he did not appear. Santos had already bet that he would not mark presence.
Kalshi bans former U.S. Representative George Santos for its first ever lifetime ban
Former U.S. Representative George Santos has become the answer to a Jeopardy! clue after being the first person ever given a lifetime ban from the prediction marketplace platform Kalshi. The post Kalshi bans former U.S. Representative George Santos for its first ever lifetime ban appeared first on KYMA.
George Santos Banned for Life Over SOTU Betting Scheme - Patriot Newsfeed
Former Rep. George Santos faces a lifetime ban and $71,000 penalty for manipulating markets on his own State of the Union attendance. The post George Santos Banned for Life Over SOTU Betting Scheme appeared first on Patriot Newsfeed.
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