Prediction-market exchange Kalshi has permanently banned former US Rep. George Santos after its Compliance Department found reasonable cause to believe he engaged in insider trading and market manipulation. Between February 2 and February 25, Santos placed a series of large trades on contracts dependent on his own attendance at the State of the Union address, from which he earned $17,839.57. A penalty of $71,356 has also been imposed on the former congressman. George Santos, expelled from the House of Representatives in 2023 and sentenced in April 2025 to more than seven years in prison for wire fraud and identity theft, had previously reached a settlement with the Commodity Futures Trading Commission (CFTC) agreeing to pay $35,000.
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