Kalshi bans former congressman George Santos for life after State of the Union trades
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Former Congressman George Santos has been banned from the prediction market site Kalshi for life after an investigation into accusations of insider trading on betting markets.
Key facts
The company also suspended for three years and fined billionaire Stephen Cloobeck, the founder of the timeshare company Diamond Resorts, saying he bet $10,000 on his now-abandoned bid for governor
Santos, 38, who has a long history of fabricating details about his life and career, was expelled from Congress, where he represented New York, in 2023
Kalshi, which has the power to impose financial penalties as part of its federal license, fined Santos $71,356
Kalshi said Santos made more than $17,000 in profit on the wagers
Summary
Kalshi has banned former Republican congressman George Santos for life after the prediction market company found he misled the public about whether he would attend President Trump's State of the Union address to make a profit on the platform. Kalshi, which has the power to impose financial penalties as part of its federal license, fined Santos $71,356. Santos responded on X: "Hey thanks for the lifetime ban from your gambling platform. NPR first reported in June that federal authorities were investigating Santos for trades tied to a Kalshi market on who would be in attendance at the State of the Union.