{"id":620,"date":"2026-06-03T16:45:18","date_gmt":"2026-06-03T16:45:18","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=620"},"modified":"2026-06-03T16:45:18","modified_gmt":"2026-06-03T16:45:18","slug":"kalshi-reported-former-rep-george-santos-for-allegedly-placing-a-bet-on-the-marketplace-against-his-own-attendance-at-the-state-of-the-union","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=620","title":{"rendered":"Kalshi reported former Rep. George Santos for allegedly placing a bet on the marketplace against his own attendance at the State of the Union"},"content":{"rendered":"
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Kalshi, the online prediction marketplace, referred Santos to the Department of Justice after detecting suspicious trades made by him ahead of Trump\u2019s Feb. 24 speech, the person said. The person spoke to The Associated Press on the condition of anonymity because they weren\u2019t authorized to discuss the matter publicly.<\/p>\n

Read more He\u2019s got golden hair, weighs 1,500 pounds, and he\u2019s a rare albino buffalo. Bangladesh is calling him \u2018Donald Trump\u2019<\/a><\/p>\n

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.<\/p>\n

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The Justice Department and the CFTC didn\u2019t immediately respond Tuesday to inquiries from the AP.<\/p>\n

Santos also did not respond to text messages or phone calls.<\/p>\n

The referral was\u00a0first reported by NPR. Santos told NPR that he wasn\u2019t aware of the investigation. He declined to say whether he had a Kalshi account.<\/p>\n

\u201cI\u2019m not saying yes, I\u2019m not saying no,\u201d Santos told NPR.<\/p>\n

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The\u00a0convicted ex-congressman\u00a0had repeatedly discussed his intention to attend the State of the Union, which came just four months after he was granted clemency by Trump in a fraud case that led to his expulsion from the U.S. House.<\/p>\n

On the eve of Trump\u2019s speech, Kalshi put the odds of Santos attending at close to 75%.<\/p>\n

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Then, minutes into the speech, Santos\u00a0posted on X\u00a0that he had been waylaid at the airport. Immediately, several social media users accused him of running another scheme.<\/p>\n

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\u201cSantos talking to his accountant and telling him to open his Kalshi account and bet all his money on No,\u201d one user\u00a0wrote, alongside a meme of Al Pacino counting money in the movie Scarface.<\/p>\n

Read more An artist painted a mural of life-sized whales in Dallas \u2014\u00a0then FIFA painted over it for the World Cup<\/a><\/p>\n

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In March, Santos\u00a0addressed\u00a0the complaints on his podcast.<\/p>\n

\u201cI guess people lost money,\u201d he said. \u201cSome people made unexpected money. That\u2019s to show you how fragile these markets are.\u201d<\/p>\n

Santos, who won office as a Republican after inventing a bogus persona as a Wall Street dealmaker, was sentenced to seven years in prison after\u00a0pleading guilty to fraud\u00a0and identity theft in 2024.<\/p>\n

After serving just 84 days, he was ordered released by Trump, who called Santos a \u201crogue\u201d but said he didn\u2019t deserve a harsh sentence and should get credit for voting Republican.<\/p>\n

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Prediction markets, including Kalshi and its chief rival Polymarket, have\u00a0drawn scrutiny\u00a0as their businesses have expanded \u2014 with some lawmakers urging the platforms to do more to guard against insider trading.<\/p>\n

Both companies have said they are reporting suspicious trades to federal regulators. Some investigations have led to criminal charges. In April a soldier involved in the military operation to capture Venezuelan President Nicol\u00e1s Maduro\u00a0was charged with using classified information\u00a0to win more than $400,000 predicting the date of his capture on Polymarket.<\/p>\n

In April, the Senate approved a bipartisan resolution to prevent its own members from using\u00a0prediction markets.<\/p>\n

Read more Mike Bloomberg matches $25 million fundraising effort to educate youths about 9\/11 ahead of the 25th anniversary<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Santos reportedly bet on Kalshi under another account that he would not attend the State of the Union despite making public comments teasing he may.<\/p>\n","protected":false},"author":1,"featured_media":619,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[154],"tags":[],"class_list":["post-620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kalshi"],"yoast_head":"\nKalshi reported former Rep. 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