George Santos investigated for insider trading on Kalshi

Legal

A prediction market reported U.S. Rep. George Santos to federal prosecutors after he boasted he’d be going to President Donald Trump’s State of the Union address, then bet against his own attendance, according to a person familiar with the investigation.

Kalshi, the online prediction marketplace, referred Santos to the Department of Justice after detecting suspicious trades made by the former congressman ahead of Trump’s Feb. 24 speech, the person said. The person spoke to The Associated Press on the condition of anonymity because they weren’t authorized to discuss the matter publicly.

Kalshi also reported the trades to the Commodity Futures Trading Commission, a federal regulatory body that has vowed to crack down on insider trading in prediction marketplaces.

The Justice Department and the CFTC didn’t immediately respond Tuesday to inquiries from the AP.

Santos also did not respond to text messages or phone calls.

The referral was first reported by NPR. Santos told NPR that he wasn’t aware of the investigation. He declined to say whether he had a Kalshi account.

“I’m not saying yes, I’m not saying no,” Santos told NPR.

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