Former Congressman George Santos Settles Federal Probe Over Kalshi Trading
Former Congressman George Santos has reached a settlement with the federal Commodity Futures Trading Commission (CFTC) regarding allegations of unlawful trading on the prediction marketplace Kalshi. Santos, a former Republican lawmaker from New York, agreed to forfeit over $17,000 in alleged earnings, pay a $17,500 fine, and accept a three-year trading ban. The settlement resolves an investigation into trades Santos made concerning his attendance at President Trump's State of the Union address. Despite settling, Santos and his lawyer maintain that the agreement does not constitute an admission of wrongdoing. Kalshi, which reported Santos to regulators, plans to pursue its own enforcement action and aims to reimburse affected traders if penalties are recovered.