Expelled former Rep. George Santos, R-N.Y., smiles for a photo as he sits with Rep. Matt Gaetz, R-Fla., as they wait for the annual State of the Union speech in 2024. Santos is now being accused of betting against himself on prediction market Kalshi. File Photo by Pat Benic/UPI | License Photo
June 3 (UPI) -- Former New York representative George Santos is being investigated for insider trading after allegedly betting on himself on prediction market site Kalshi.
Bettors on the site could bet on who would attend the State of the Union address in February. Santos said on X that he would be there, in the gallery, then later didn't show up.
Kalshi then detected that Santos had bet against himself attending, a person familiar with the matter told The New York Times. Kalshi then sent the matter to the Department of Justice and the Commodity Futures Trading Commission, which regulates prediction markets. Another source told The Times that the CFTC is investigating Santos, but it's not clear if the Justice Department is opening a case.
Santos, a Republican who ran in 2024 as an independent, served in the House of Representatives for less than one year and was sentenced to more than seven years in prison for pleading guilty to wire fraud and aggravated identity theft. He served about three months until President Donald Trump commuted his sentence in October.
