The prediction market platform Kalshi has issued a lifetime ban to former U.S. Representative George Santos. The decision comes after a federal regulator alleged that Santos made more than $17,000 by placing bets on his own attendance at the State of the Union address.
Kalshi, which allows users to trade on the outcome of future events, took action against Santos after the Commodity Futures Trading Commission (CFTC) filed a civil complaint against him in April. The CFTC accused Santos of operating an illegal, undisclosed leverage trading account and using insider information to bet on his ability to attend the 2023 State of the Union address. The complaint alleged that Santos solicited customers to trade on the platform using nonpublic information and that he profited from these trades.
Santos, who represented a New York district, was expelled from the House of Representatives in December 2023. His expulsion followed a series of revelations about fabricated or exaggerated details of his personal and professional life, as well as charges of campaign finance violations.