Insider trading investigation launched into former Rep. George Santos: Sources
Summary
Federal officials are investigating former Representative George Santos for insider trading related to bets he made on a prediction market called Kalshi about whether he would attend President Donald Trump's 2026 State of the Union speech. Kalshi reported suspicious wagers to regulators, who are now looking into whether Santos used inside information to make money.Key Facts
- George Santos is a former congressman from New York who pleaded guilty to fraud and identity theft.
- Santos made bets in February 2026 on Kalshi, predicting he would not attend President Trump’s State of the Union address.
- Santos later posted online that he did attend the speech but watched it from an airport TV due to unexpected circumstances.
- Kalshi flagged these bets as suspicious and alerted the Commodity Futures Trading Commission (CFTC) and the Justice Department.
- The CFTC is investigating whether Santos made money by misleading the public and influencing the betting odds.
- Santos served four months of a seven-year prison sentence before receiving a commutation from President Trump.
- Kalshi, the Justice Department, and the CFTC have declined to comment on the investigation.
- It is unclear if the Justice Department has opened a criminal case against Santos; other insider trading cases related to similar prediction markets are ongoing.
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