The prediction-market exchange said it established “reasonable cause to believe” that Santos participated in insider trading.
Online prediction market platform Kalshi has permanently banned former U.S. Representative George Santos from its platform. The penalty marks the first-ever lifetime ban issued by the event-contract trading venue, which also levied a financial fine of over $71,000 against the expelled lawmaker following an investigation into suspicious trading activity…
The decision comes after a federal regulator alleged he made more than $17,000 by placing bets on his attendance at the State of the Union address.
Kalshi said Monday that it has slapped scandal-ridden former Rep. George Santos with its first-ever lifetime ban after he allegedly made more than $17,000 in illicit bets on the prediction market.
$71,356 penalty
Santos was accused of profiting from bets tied to his attendance at Trump’s State of the Union addressGeorge Santos, the former Republican congressman whose political career collapsed under a mountain of lies, has become the first person ever handed a lifetime ban by the prediction-market platform Kalshi.The company announced the permanent suspension on…
The former Republican congressman is the first person to face a lifetime ban after he wagered on whether he’d attend the State of the Union.
Kalshi says Santos did not cooperate with its investigation into bets he placed on his own attendance at the State of the Union. The company also fined the disgraced congressman more than $71,000.
Former GOP Rep. George Santos, of New York, has drawn fire for allegedly trading on whether he would attend this year's State of the Union address.
