U.S. Is Said to Be Investigating George Santos Over Kalshi Betting
The New York Times • • nation
Key Points:
- Federal authorities are investigating former Representative George Santos for possible insider trading related to a prediction market bet on whether he would attend President Trump’s State of the Union address.
- Santos publicly announced he would attend the speech but ultimately did not show up, while reportedly placing a bet against his own attendance on the prediction market platform Kalshi.
- Kalshi referred the suspicious activity to the Justice Department and the Commodity Futures Trading Commission (CFTC), which is now conducting an investigation into Santos.
- The probe highlights increased scrutiny on prediction markets, especially those linked to the Trump business empire, as Kalshi appointed Donald Trump Jr. as a strategic advisor last year.
- It remains unclear if the Justice Department has formally opened an investigation, and Santos has not responded to requests for comment.