Former U.S. Representative George Santos has reached a settlement with the CFTC over market manipulation on Kalshi, agreeing to pay $35,100 and a three-year trading ban
2026-08-04 06:11
Odaily News: Former U.S. Representative George Santos has reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC). According to the July 31 order, Santos must disgorge $17,569.98, pay a $17,500 civil monetary penalty, and is prohibited from trading on any CFTC-regulated entity for three years.
The CFTC found that Santos made misleading public statements and material omissions while trading event contracts on the prediction market platform Kalshi related to whether he would attend President Donald Trump's State of the Union address. Santos neither admitted nor denied the findings or conclusions in the order.
Trading records show that Santos opened an account on February 11 and traded only that contract, first purchasing Yes contracts and profiting $3,448.43, then continuing to publicly state he would attend after flights and trains were canceled, while purchasing No contracts. That position ultimately earned $14,390.57. Kalshi stated that it had detected the related activity, frozen the account, and provided evidence to the CFTC.
The CFTC found that Santos made misleading public statements and material omissions while trading event contracts on the prediction market platform Kalshi related to whether he would attend President Donald Trump's State of the Union address. Santos neither admitted nor denied the findings or conclusions in the order.
Trading records show that Santos opened an account on February 11 and traded only that contract, first purchasing Yes contracts and profiting $3,448.43, then continuing to publicly state he would attend after flights and trains were canceled, while purchasing No contracts. That position ultimately earned $14,390.57. Kalshi stated that it had detected the related activity, frozen the account, and provided evidence to the CFTC.
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