Jump to contentAllNewsSportCultureLifestyleKalshi's Compliance Department issued the lifetime ban, effective last Friday, against Santos, preventing him from accessing its platform directly or indirectly (AFP via Getty Images)Prediction market platform Kalshi has issued a lifetime ban and a $71,356 fine to former U.S. Congressman George Santos following allegations of unlawful insider trading. The platform referred Santos to the U.S. Department of Justice after discovering suspicious account activity surrounding bets on whether he would attend President Donald Trump's State of the Union address. Santos allegedly manipulated market odds by placing bets that he would not attend the event prior to publicly announcing on social media that his travel plans had changed due to a winter storm. To resolve the federal Department of Justice inquiry into the event-based trading scheme, Santos previously agreed to a $35,000 settlement while his attorney denied any intentional market manipulation. Santos was ousted from Congress and sentenced to 87 months in prison for identity theft and wire fraud, but President Donald Trump commuted his prison sentence after Santos served 84 days. In fullKalshi issues George Santos a lifetime ban and $71,356 fine over suspicious tradesMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
Ex-Congressman receives Kalshi’s first-ever lifetime ban
Jump to contentAllNewsSportCultureLifestyleKalshi's Compliance Department issued the lifetime ban, effective last Friday, against Santos, preventing him from accessing its platform directly or indirectly (AFP via Getty Images)Prediction market platform Kalshi has issued a lifetime ban and a $71,356 fine to former U.S. Congressman George Santos following allegations of unlawful insider trading. The platform referred Santos to the U.S. Department of Justice after discovering suspicious account activity surrounding bets on whether he would attend President Donald Trump's State of the Union address. Santos allegedly manipulated market odds by placing bets that he would not attend the event prior to publicly announcing on social media that his travel plans had changed due to a winter storm. To resolve the federal Department of Justice inquiry into the event-based trading scheme, Santos previously agreed to a $35,000 settlement while his attorney denied any intentional market manipulation. Santos was ousted from Congress and sentenced to 87 months in prison for identity theft and wire fraud, but President Donald Trump commuted his prison sentence after Santos served 84 days. In fullKalshi issues George Santos a lifetime ban and $71,356 fine over suspicious tradesMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
