Kalshi Bans George Santos for Life, Fines Him $71,356 Over State of the Union Trades
Updated
Updated · CNBC · Aug 31
Kalshi Bans George Santos for Life, Fines Him $71,356 Over State of the Union Trades
3 articles · Updated · CNBC · Aug 31
Summary
Kalshi permanently barred George Santos and imposed a $71,356 penalty after accusing him of illegally trading on whether he would attend Donald Trump’s February State of the Union.
More than $17,000 in profits came from bets tied to Santos’s own attendance, and Kalshi said he used non-public information while making false or misleading public statements to sway contract prices.
A July CFTC order had already fined Santos $35,000 and banned him from trading for three years after Kalshi referred the matter to federal investigators; he settled without admitting the regulator’s findings.
The case adds to Santos’s broader legal and political fallout: Polymarket cut ties with him in June, he was expelled from the House in 2023, and Trump commuted his 87-month prison sentence last fall.