Kalshi bans ex-Congressman George Santos for life over 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 profited by betting against his attendance at the State of the Union address. The company announced the ban after its compliance department said it had established reasonable cause to…
Online prediction market platform Kalshi has permanently banned former U.S. Representative George Santos from its platform following an investigation into potential insider trading. Santos, who had expressed intent to attend the State of the Union address, was accused of profiting from bets against his attendance, ultimately earning a $17,839 profit when he failed to show up.
Kalshi's compliance department deemed Santos' actions as influencing market outcomes, leading to the lifetime ban and a $71,356 penalty. Four other individuals involved in new enforcement cases will face temporary bans, provided they cooperate with Kalshi's Compliance Department. Santos, a Republican congressman who served after creating a false persona, was previously sentenced to seven years in prison for fraud and identity theft in 2024.
Kalshi also imposed three-year bans on three other individuals involved in similar trading activities.
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