George Santos Agrees to Pay $35,000 Fine to Settle Federal Investigation into Prediction Market Trades
Former Republican congressman George Santos has agreed to pay more than $35,000 in fines and forfeits to settle a federal investigation into his trading activity on the prediction market Kalshi. The Commodity Futures Trading Commission announced that Santos will pay a $17,500 civil penalty and forfeit $17,570 in profits following allegations that he improperly profited from trades tied to his attendance at President Donald Trump’s State of the Union address. Santos had publicly indicated his intention to attend the speech, yet he placed trades on Kalshi predicting he would not appear. He later announced he would miss the event due to being waylaid at the airport. The administration announced the settlement, which also includes a three-year ban on Santos from trading on Kalshi. While Santos settled without admitting any wrongdoing, his attorney, Joseph W. Murray, stated that Santos had a genuine intention to attend the speech. The settlement resolves the inquiry opened by the CFTC after Kalshi flagged the unusual trading activity.