1 day ago
Federal authorities are investigating whether George Santos, nan disgraced erstwhile Republican congressman from New York, engaged successful insider trading by betting connected a prediction marketplace connected his ain attendance to nan State of nan Union address, aggregate news outlets reported connected Tuesday.
Santos allegedly placed a stake connected Kalshi, a celebrated online prediction market, complete whether he would beryllium successful attendance astatine Trump’s State of nan Union address successful February, according to NPR, which first reported connected nan investigation citing anonymous sources.
Santos had shared his volition to beryllium astatine nan arena connected societal media, earlier telling his followers that recreation woes had nixed nan plan.
Kalshi, whose representatives besides did not reply to a petition for comment, flagged nan waste and acquisition to nan Commodity Futures Trading Commission (CFTC), according to nan Associated Press.
Anonymous sources confirmed to respective different news outlets that nan Department of Justice is investigating nan matter. The DoJ and nan CFTC did not instantly respond to a petition for comment.
Reports of nan national investigation comes arsenic Kalshi and Polymarket person faced scrutiny from lawmakers complete concerns astir insider trading.
Questions person swirled astir well-timed, profitable online bets connected nan Iran war. In April, Kalshi fined 3 legislature candidates for betting connected their ain races. That aforesaid month, a US worker involved successful nan seizure of Venezuelan president Nicolás Maduro was taken into custody complete bets he made astir nan deposed caput of authorities connected Polymarket.
Asked by NPR whether he had a Kalshi account, Santos said: “I’m not saying yes. I’m not saying no.”
“I dislike to disappoint but I don’t prosecute pinch rag reporting anymore…” Santos wrote connected X, appearing to reference nan reports. “Business arsenic accustomed connected my extremity haters!” he said.
Santos had a short stint successful Congress, representing New York’s 3rd district. He was expelled successful December 2023 aft a House morals committee study detailing really he utilized run costs for purchases including travel, cosmetic curen and luxury goods.
In April 2025, Santos was sentenced to 7 years successful situation aft pleading blameworthy to ligament fraud and personality theft. Months later, Trump commuted his sentence.
