Kalshi bans ex-congressman George Santos from prediction platform for life

Prediction market platform Kalshi has issued a lifetime ban and a $71,356 fine to former Congressman George Santos. This action follows accusations by federal regulators that Santos profited from bets tied to his attendance at Donald Trump's State of the Union address. The Commodity Futures Trading Commission alleges Santos exploited weather forecasts to influence the outcome of his bets, which he then profited from. Santos's refusal to fully cooperate with Kalshi's internal investigation contributed to the permanent nature of the ban. This ban is in addition to a previous settlement with the CFTC that barred him from trading for three years.

Prediction market operator Kalshi has permanently banned former US congressman George Santos from its platform. The company cited allegations of barred trades and misleading comments that influenced prices. Specifically, Kalshi's compliance team concluded that Santos's February bets, related to his attendance at President Trump's State of the Union address, showed signs of insider dealing. Kalshi stated it was acting independently and issued a penalty of $71,356. This action follows Santos's expulsion from Congress due to fraud and identity-theft charges, a prison sentence for wire fraud and identity theft, and a settlement with the Commodity Futures Trading Commission over similar trades. Santos responded to the ban on X.

The online prediction market platform Kalshi has permanently banned former U.S. Representative George Santos. Kalshi's compliance department concluded that Santos likely engaged in insider trading by betting against his attendance at the State of the Union address, ultimately profiting $17,839. The platform cited that Santos was prohibited from trading on this market due to his ability to influence the outcome, yet he placed significant bets and made public statements to affect prices. This lifetime ban, effective last Friday, also includes a $71,356 penalty. Santos, who was recently released from prison after serving 84 days following a fraud conviction, dismissed the ban as "frivolous nonsense" on social media.

Former White House teleprompter operator Gabriel Perez has been fined $172,000 by the Commodity Futures Trading Commission (CFTC) for using nonpublic information to bet on Donald Trump's speeches. From December to February, Perez exploited his access to speeches before they were delivered to place wagers on the Kalshi prediction market for personal profit. The CFTC ordered Perez to disgorge $107,539.02 in profits and pay a $65,000 civil penalty, with the amounts discounted due to his cooperation. He has also agreed to cease and desist from further violations and received a three-year trading ban. Perez's departure from the White House followed reports of an investigation into his alleged insider trading.

A former White House teleprompter operator, Gabriel Perez, has been ordered by the Commodity Futures Trading Commission (CFTC) to pay over $172,000. This penalty stems from his use of insider knowledge of President Donald Trump's speeches to place bets on a prediction market platform called Kalshi. Perez made trades between December 2025 and February 2026 based on what he knew Trump would say. The CFTC found that Perez "misappropriated" this information, breaching his duty of trust. The settlement includes surrendering $107,539.02 in profits and paying a $65,000 civil penalty. Perez's penalty was reduced due to his cooperation, and he is banned from trading for three years.

A former White House teleprompter operator, Gabriel Perez, has reached a settlement with federal authorities, specifically the Commodity Futures Trading Commission. Announced on Friday, the settlement requires Perez to forfeit over $100,000 in profits and pay a $65,000 fine. Additionally, he has been banned from trading for three years. Perez was previously placed on unpaid leave from his White House position following reports that he allegedly used his insider knowledge of President Donald Trump's speeches to place bets on the prediction market Kalshi. The accusations centered on him betting on what Trump would say.

A former White House teleprompter operator, Gabriel Perez, has been ordered by federal authorities to turn over over $100,000 in profits and pay a $65,000 fine. This settlement with the Commodity Futures Trading Commission also includes a three-year trading ban for Perez. He was found to have used his access to President Donald Trump's speeches to make bets on the prediction market Kalshi between December 2025 and February 2026, profiting $107,500. The commission stated Perez misappropriated this information in breach of his duty. Perez had previously been placed on unpaid leave from his White House position.