George Santos Referred to DOJ, CFTC Over State of the Union Kalshi Trades: Report
Federal agencies are reviewing alleged prediction-market trades by George Santos on Kalshi after he reportedly bet against his own attendance at President Trump’s State of the Union while publicly signaling he would be there. Kalshi detected the activity, suspended his account, and referred the case to the CFTC and DOJ. NPR sources say Santos made tens of thousands of dollars by misleading bettors. The case comes amid growing scrutiny of prediction markets over insider-trading and manipulation concerns, with recent federal charges in related Polymarket cases and a House investigation into market controls. Legal experts say Santos’ conduct may fit manipulation more than traditional insider trading because he allegedly traded on his own behavior, not confidential information. Santos said the probe was news to him and would not confirm whether he used Kalshi.
