George Santos reported to prosecutors over suspicious Kalshi trades, AP source says

The online prediction market Kalshi has reported former U.S. Rep. George Santos to federal prosecutors and the Commodity Futures Trading Commission (CFTC) for suspicious trading activity. This action followed Santos's public statements about attending President Trump's State of the Union address on February 24th, and subsequent bets he allegedly made on Kalshi against his own attendance. Kalshi detected these trades as suspicious and referred the matter to the Department of Justice and CFTC, both of which are investigating insider trading in prediction markets. Santos has stated he was unaware of the investigation and declined to confirm if he had a Kalshi account. This development comes after Santos was sentenced to over seven years in prison for fraud and identity theft.

Federal authorities are reportedly investigating former Congressman George Santos for potential insider trading. The investigation, cited by anonymous sources and reported by multiple news outlets, centers on bets Santos allegedly placed on Kalshi, an online prediction market. Specifically, he is said to have bet on whether he would attend President Trump's State of the Union address in February. Santos had initially indicated he would attend but later cited travel issues. Kalshi reportedly flagged the trade to the Commodity Futures Trading Commission (CFTC). The Department of Justice is also involved in the investigation. This comes amid broader scrutiny of prediction markets for insider trading concerns.