Former Congressman George Santos is under investigation for alleged insider trading related to his bets on prediction market Kalshi concerning his attendance at the State of the Union address. Santos posted on X about not attending, after which he had already bet on that outcome, making tens of thousands of dollars. Kalshi froze his account and referred the matter to the Justice Department and CFTC, both of which opened investigations.
George Santos , the former lawmaker who lied about his background, got expelled from Congress , and then became a convicted fraudster, is reportedly being investigated for insider trading.on Tuesday, centers on Santos’ comments about February’s State of the Union address and his alleged bets on Kalshi , a prediction market website.on X in which he said he would attend.
The odds on Kalshi that Santos would show up subsequently rose and remained relatively high. Its76 cents—meaning a wager of that amount would win $1. A “no” bet of 24 cents would thus carry much more value. The following night, while Trump was speaking, Santos posted on X to reveal news he said he was angry about.
That’s because before Santos announced on X that he wasn’t in the Capitol to hear Trump’s speech, he used Kalshi to bet on what he already knew wouldn’t happen, three people with knowledge of his bets told NPR. Santos, they said, made tens of thousands of dollars. Kalshi identified Santos’ trades and froze his account, a person familiar with the website’s investigation said. Kalshi then referred the matter to the Justice Department and the Commodity Futures Trading Commission .
Both opened investigations into Santos’ activity. At the time of Santos’ X post announcing his absence from the State of the Union, many X users accused him of market manipulation. When reached by NPR, Santos seemed surprised.
“Well, that’s news to me,” the 37-year-old said. When asked if he had a Kalshi account, Santos was elusive: “I’m not saying yes, I’m not saying no.”The person familiar with Kalshi’s investigation said that Santos has been avoiding the company’s requests for an interview.
George Santos Insider Trading Kalshi State Of The Union X CFTC Justice Department Prediction Market Fraud Congress
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