George Santos Probed for Betting on Himself on Kalshi
Kalshi froze Santos’ account and referred the trades to federal authorities after his public statements pushed market odds higher, sources said.
- The online prediction marketplace Kalshi has referred former New York Congressman George Santos to the Department of Justice and the Commodity Futures Trading Commission over suspicious trading activity.
- Federal investigators are examining whether Santos engaged in insider trading by placing wagers that he would not attend President Donald Trump's State of the Union address in February.
- Prior to the event, Santos publicly declared on social media that he would be sitting in the gallery for the speech, a move that sent the market odds of his attendance surging to roughly 75%.
- Santos ultimately did not attend the address, later posting from an airport that his travel plans had fallen through, while allegedly profiting tens of thousands of dollars from the market's subsequent collapse.
- Kalshi detected the irregular activity, froze the account tied to Santos, and reported the matter to federal authorities amid heightened legislative scrutiny over market manipulation on political betting platforms.
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George Santos Is Back On Feds Radar Over Suspicious Trades After Prison Release
Rod Lamkey - CNP / MEGA George Santos may be a leopard that can’t change its spots, as he’s back in trouble for allegedly lying to earn profits. The disgraced politician fell from grace in 2023 when he was expelled from the House of Representatives for identity theft and was later convicted for wire fraud. Although George Santos faced an 87-month prison sentence, he was released early thanks to President Donald Trump. Now, Santos is reportedly b…
DOJ Investigating Ex-US Lawmaker Santos for Insider Trading on Kalshi, Source Says
U.S. federal regulators are investigating whether former congressman George Santos engaged in potential insider trading on prediction markets platform Kalshi, according to a person familiar with the matter. Kalshi reported Santos to the Department of Justice after detecting suspicious trading activity from his account on the platform, the source said, requesting anonymity as the matter is confidential. There is an active investigation, according…
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- 64% of the sources are Center
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