In brief
Kalshi froze George Santos' account and flagged his trades to the CFTC and DOJ, both of which have opened investigations, per NPR.
Santos allegedly wagered he would skip Trump's February address while publicly promising to attend, clearing tens of thousands of dollars in profit.
The probes extend a run of prediction market insider trading investigations that have surfaced in the last few months.
Two federal agencies are examining trades the pardoned former congressman George Santos allegedly placed on prediction market Kalshi, made against his own attendance at President Donald Trump's State of the Union address while he told the public he planned to show, NPR reported.Kalshi caught the activity, suspended his account, and referred the case to the Commodity Futures Trading Commission and the Department of Justice, two people familiar with the exchange's review told the outlet.Santos pocketed tens of thousands of dollars by deceiving bettors about his February plans, according to NPR, which cited three people with direct knowledge of the trades who were not authorized to speak publicly.The report comes amid rising scrutiny of prediction markets across the country, with insider trading concerns already leading to criminal charges and calls for tougher oversight.The day before President Trump's State of the Union address, Santos tweeted, "I'm going to be there for the State of Union in the gallery, guys," boosting the odds that he would attend.During the speech, he flipped, "Watching SOTU from an airport tv was not part of the plan! FML," as sources told NPR he had already wagered against his own appearance.
