George Santos settles with CFTC over Kalshi bets
The deal includes a $35,000 payment, a $17,500 penalty and a three-year trading ban, the Commodity Futures Trading Commission said.
- On Friday, former Long Island Rep. George Santos agreed to pay $35,000 to resolve a Commodity Futures Trading Commission investigation into wagers he placed on the online prediction marketplace Kalshi.
- The CFTC claims Santos made "material misrepresentations and omissions" about his State of the Union attendance between Feb. 12 and Feb. 25, moving contract prices to generate over $17,500 in personal profit.
- Beyond the financial penalties, the settlement requires Santos to disgorge $17,569.98 in profits, pay a $17,500 civil penalty, and accept a three-year trading ban plus cease-and-desist order.
- Lawyer Murray stated Friday there was "absolutely no intent to deceive any person nor attempt to manipulate any market," emphasizing the resolution involved no admission of liability.
- This enforcement action signals the CFTC's intent to apply commodities law to emerging predictive markets like Kalshi, which experts like Seyhun noted involves prohibitions against "any manipulative, deceptive, or fraudulent scheme.
113 Articles
113 Articles
Ex-Rep. George Santos to pay $35K to settle illegal trading probe
Disgraced former U.S. Rep. George Santos, whose 87-month federal prison sentence for fraud and identity theft was commuted by President Donald Trump in October, has agreed to pay $35,000 to settle a federal investigation into unlawful trading after placing a bet that he would not attend the president’s State of the Union address –…
George Santos settles CFTC probe over Kalshi prediction market trades
Former New York Representative George Santos has agreed to pay approximately $35,000 to resolve federal regulatory allegations that he illegally manipulated prediction markets by betting on his own attendance at President Donald Trump’s State of the Union (SOTU) address earlier this year.
George Santos pays $35,000 to settle suspicious Kalshi trades
Former New York Republican Rep. George Santos on Friday agreed to a multi-thousand-dollar settlement with the government after a federal agency investigated him for suspicious trades on prediction marketplace Kalshi. Santos is paying $35,000 in his settlement with the Commodity Futures Trading Commission, following allegations he engaged in insider trading on whether he would attend President Donald Trump’s State of the Union speech in February.…
Son of Brazilians, Former U.S. Deputy Is Fined R$ 178,000 for Using Presidential Speech to Make Bets
Former Republican MP George Santos was fined by the U.S. government in $35,000 – about R$178,000 – for using privileged information to place bets on his presence in President Trump's traditional Union State speech in Congress. According to the Commodities Future Contract Negotiation Commission, the federal gambling market regulator, George Santos fooled other Kalshi platform betters by holding a series of social media posts that led them to beli…
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