Kalshi bans ex-congressman George Santos over illegal trading

Key Points:

• Prediction market platform Kalshi permanently banned former Rep. George Santos and fined him $71,356 for allegedly trading on his own attendance at the 2024 State of the Union address using non-public information.
• Santos reportedly made over $17,000 by betting on whether he would attend the event, while making public statements that allegedly influenced contract prices, violating Kalshi's rules.
• Santos previously faced a $35,000 fine and a three-year trading ban from the Commodity Futures Trading Commission for the same incident, which he settled without admitting wrongdoing.
• Kalshi also penalized and banned three other political candidates for trading on contracts related to their own candidacies, with penalties and bans lasting three years; one of these candidates, Laurie Buckhout, admitted to betting on herself.
• Santos, who was expelled from Congress in 2023 amid ethics investigations and sentenced for fraud (later commuted by President Trump), responded to Kalshi's ban with a defiant message on social media.