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George Santos Ends His Kalshi Probe With $35K Deal
Newser • • business
Key Points:
- Santos agreed to a settlement including repayment of over $17,000 earned from unlawful trading, a $17,500 fine, and a three-year trading ban imposed by the commission.
- Kalshi, the platform that reported Santos, plans to pursue its own enforcement action and aims to reimburse affected traders if penalties are recovered.
- Prior to Trump's February speech, Santos publicly claimed he would attend but later posted that he was delayed at the airport, leading to social media criticism due to Kalshi's 75% odds of his attendance.
- Santos' lawyer stated he genuinely intended to attend the State of the Union and did not intend to deceive or manipulate the market, citing a winter storm as the reason for his absence.
- Santos, previously expelled from Congress and convicted of wire fraud and identity theft, served a short prison sentence before receiving clemency from Trump last year.
