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Kalshi bans George Santos from platform for life
usatoday.com • • nation
Key Points:
- Former New York Rep. George Santos was banned for life from the prediction market platform Kalshi and fined $71,356 due to allegations of insider trading and his lack of cooperation with the platform's compliance department.
- Santos is the first individual to receive a lifetime ban from Kalshi, following suspicious trading activity related to a contract about attendance at the State of the Union address.
- The Commodity Futures Trading Commission (CFTC) had previously fined Santos $35,000 and imposed a three-year trading ban after he made trades and public statements that allegedly influenced the contract prices, resulting in over $17,500 in profits.
- Santos, expelled from Congress in 2023 and sentenced to seven years in prison for fraud and identity theft, was released early following an order from former President Donald Trump.
- Santos responded to the ban on social media, challenging Kalshi's longevity while acknowledging the lifetime ban from the platform.
