DOJ investigates George Santos for insider trading on Kalshi prediction market
8 reported3 unconfirmed
The Department of Justice is investigating former Republican congressman George Santos for insider trading on the prediction market site Kalshi, according to three people with direct knowledge of his trades. The investigation centers on Santos placing bets that he would not attend President Trump’s State of the Union address in February, after publicly indicating he would be there. Santos posted a video on X confirming his attendance, which caused betting odds to rise, but he did not show up and later posted that he was watching from an airport. Sources say Santos misled the public and turned a profit in the tens of thousands of dollars based on that deception. Kalshi detected the trades, froze his account, and referred the case to the Commodity Futures Trading Commission and the DOJ, both of which opened investigations. When reached by NPR, Santos said, “Well, that’s news to me,” and declined to confirm or deny having a Kalshi account. The person familiar with Kalshi’s investigation said Santos has dodged requests to be interviewed by the company.
What’s reported
The DOJ and CFTC are investigating former congressman George Santos for insider trading on Kalshi.
Santos placed bets that he would not attend President Trump’s State of the Union address in February.
He posted a video on X saying he would attend, causing betting odds to rise, but did not show up.
Sources say Santos misled the public and turned a profit in the tens of thousands of dollars.
Kalshi detected the trades, froze his account, and referred the case to the CFTC and DOJ.
Santos told NPR, “Well, that’s news to me,” when asked about the investigation.
Santos said he personally knows Kalshi co-founder Luana Lopes Lara, but a person familiar with Kalshi’s investigation said he does not.
Santos served four months in federal prison after being sentenced to more than seven years; Trump commuted his sentence last October.
Open questions
Whether Santos actually had a Kalshi account, as he declined to confirm or deny.
The exact amount of profit Santos made from the trades.
Whether Santos will cooperate with the investigation.
Key figures
George Santos, former Republican congressman from New York
President Donald Trump
Luana Lopes Lara, co-founder of Kalshi
Jonathan Entin, law professor at Case Western Reserve University
Roastinator.exe, Kalshi user on Discord
Nate Meininger, Kalshi user on Discord
Sources: NPR
