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AP
Kalshi Refers George Santos to DOJ over State‑of‑the‑Union Betting","description":"Online prediction market flags suspicious trades by Santos, leading to referrals to the Justice Department and the CFTC in a fresh insider‑trading probe","summary":"After boasting he’d attend President Donald Trump’s State of the Union speech, former congressman George Santos allegedly placed a large bet against his own attendance on Kalshi, an online prediction market. Kalshi—while noting a 75% probability of Santos attending—reported suspicious moves to both the FBI’s Justice Department and the Commodity Futures Trading Commission. The referrals have drawn attention to the growing scrutiny of prediction markets like Kalshi and Polymarket and their potential for insider‑trading, especially amidst post‑Trump congressional investigations. Santos, who was released from prison after a brief sentence for fraud, remains unresponsive to inquiries about his Kalshi account.","image":"https://dims.apnews.com/dims4/default/4bc062b/2147483647/strip/true/crop/5151x3434+0+0/resize/1440x960!/format/webp/quality/90/?url=https%3A%2F%2Fassets.apnews.com%2F97%2Fbb%2F1d94341e19d95c13fcd921d0857a%2F04b42ab3edb74f57b307389b93f45f31","text":"<h1 style=\"font-size:24px; font-weight:bold; margin-bottom:12px;\">Kalshi Refers George Santos to DOJ over State‑of‑the‑Union Betting</h1>\n<p style=\"margin-bottom:12px;\">A prediction‑market platform identified a series of trading activities by former U.S. Representative George Santos that raised questions about insider‑trading, prompting both the Justice Department and the Commodity Futures Trading Commission (CFTC) to review the case.</p>\n<p style=\"margin-bottom:12px;\">Santos, who served one term in Congress before being expelled in 2024, repeatedly touted his intention to attend President Donald Trump’s February 24 State‑of‑the‑Union address. In the hours leading up to the speech, Kalshi noted roughly a 75 % probability that the former congressman would appear. Minutes after the inaugural address, Santos posted on X (formerly Twitter) that he had been prevented from attending, leading many to suspect a bet against his own attendance in a prediction‑market platform.</p>\n<p style=\"margin-bottom:12px;\">An anonymous source confirmed that Kalshi detected suspicious trades and referred the matter to the DOJ’s criminal investigation unit. The same platform also reported the activity to the CFTC, which has recently pledged to tighten enforcement against insider trading on prediction‑market platforms.</p>\n<p style=\"margin-bottom:12px;\">Santos has not responded to media outreach and has neither confirmed nor denied having a Kalshi account. In a separate NPR interview, he said he was unaware of the investigation and refused to clarify his platform holdings.</p>\n<p style=\"margin-bottom:12px;\">The case underscores the rising scrutiny of prediction markets, with lawmakers calling for stricter safeguards against insider‑trading. Kalshi and its main rival Polymarket have both claimed that they report suspicious activity to regulators, though previous cases have culminated in criminal charges such as a military officer’s use of classified information to profit on Polymarket.</p>\n<p style=\"margin-bottom:12px;\">This development comes amid a broader congressional debate on how lawmakers’ personal betting activities could influence policy, prompting the Senate to pass a bipartisan resolution restricting members from using prediction‑markets to influence official duties.</p>
bbc.co.uk
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