George Santos Permanently Banned From Kalshi for Insider Trading
The former congressman is also fined $71,356 for manipulating a bet on whether he would attend Trump's State of the Union address earlier this year The post George Santos Permanently Banned From Kalshi for Insider Trading appeared first on TheWrap .
Former New York congressman George Santos has been permanently banned from prediction market platform Kalshi for engaging in insider trading. The company discovered evidence of Santos' breach of insider trading rules tied to his attendance at President Donald Trump's State of the Union address. Kalshi fined Santos $71,356 for the violation, according to the company.
Santos placed bets on his attendance in markets concerning the February address while publicly confirming his intentions on social media. Upon hearing the ban, Santos expressed disappointment on his social media account and questioned the longevity of the platform. Santos had previously been disciplined by the Commodity Futures Trading Commission (CFTC) for similar activities, with a fine of $17,500 and a requirement to forfeit $17,569.98 in profits.
The CFTC also barred Santos from trading for three years. Kalshi noted that Santos was the only trader among several disciplined who did not cooperate with their investigation, leading to the permanent ban decision. Santos previously resigned from Congress in 2023 and pleaded guilty to wire fraud and aggravated identity theft, receiving a sentence that was later commuted by former President Trump.
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