Kalshi bans ex-congressman George Santos from prediction platform for life

Former Republican congressman George Santos, whose political career unraveled amid allegations of fraud and deception, has been banned for life from the prediction-market platform Kalshi, according to the company. The permanent suspension and a $71,356 fine came after federal regulators accused Santos of profiting from bets tied to his appearance at Donald Trump's State of the Union address.

Santos allegedly exploited stormy weather forecasts to further his agenda, buying contracts anticipating he wouldn't attend, then posting misleading social media updates to boost contract values before cashing out. The Commodity Futures Trading Commission (CFTC) found that Santos improperly traded on an event he could influence, resulting in the lifetime ban.

Santos responded to the ban on social media, questioning Kalshi's longevity. Previously expelled from Congress in December 2023 for financial misdeeds, Santos pleaded guilty to federal wire fraud and identity theft charges, serving less than three months of a seven-year sentence before Trump commuted it. In July, he settled the CFTC's case, paying over $35,000 and agreeing not to trade on any platform for three years.

The ban follows other disciplinary actions by Kalshi, including three-year bans and fines for Republican congressional candidate Laurie Buckhout and Ben Midgley, and a similar three-year ban for Stephen Cloobeck. Santos, despite his troubles, remains active, set to appear on Fox's "Special Forces: World's Toughest Test" and earning income through Cameo video shout-outs, which have become more affordable as his reputation has declined.