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The company also imposed a $71,356 penalty on the former congressman, who settled related CFTC charges in July
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Kalshi banned former Republican Rep. George Santos from its platform for life on Monday and imposed a $71,356 penalty, marking the first lifetime ban the prediction market company has issued, according to a Kalshi spokeswoman.
The ban stems from a Commodity Futures Trading Commission case in which the regulator claimed Santos pocketed more than $17,000 through wagers on his own attendance at President Trump's State of the Union address, all while posting misleading content about his intentions on social media. According to the CFTC, Santos took out contracts predicting his own absence from the address when bad weather put his trip to Washington in doubt, then cashed those contracts out at a profit while simultaneously publishing posts that gave followers the impression he intended to show up.
