The online prediction platform Polymarket is ending its paid relationship with George Santos as federal regulators investigate whether the former congressman illegally bet against his own attendance at President Donald Trump’s State of the Union.
Santos placed the bets on another prediction marketplace, Kalshi, after publicly announcing his intention to be at the Feb. 24 speech, according to a person familiar with the investigation. He later blamed a delayed flight for missing the event.
The suspicious trades were detected by Kalshi and referred to the Commodities Future Trading Commission, which has opened a probe into Santos for possible insider trading, according to a second person familiar with the investigation.
Both spoke to The Associated Press on the condition of anonymity because they were not authorized to discuss the matter publicly.
By the time of the State of the Union address, Santos was already working in an influencer capacity for Polymarket, using his substantial online platform to promote the controversial brand. He was released from federal prison last October after Trump granted him clemency in a fraud case.
