George Santos to pay $35K after CFTC finds Kalshi market manipulation

George Santos has settled CFTC case over Kalshi prediction market trades by accepting penalties and a three-year trading ban after regulators found he made misleading public statements while betting on his attendance at President Donald Trump’s State of the Union address. Summary George Santos has settled CFTC charges over Kalshi prediction market trades by paying more than $35,000 and accepting a three year trading ban. The CFTC found Santos made misleading public statements while placing bets on whether he would attend President Trump’s State of the Union address. Trading records show Santos first profited from Yes contracts before switching to No contracts after his travel plans changed. Kalshi froze Santos’ account, referred the case to regulators, and said it detected the suspicious trading activity through its surveillance systems. According to a July 31 order from the U.S. Commodity Futures Trading Commission (CFTC), former U.S. Representative George Santos must return $17,569.98 in trading gains, pay a $17,500 civil monetary penalty, comply with a cease-and-desist order, and stay away from trading on any CFTC-registered entity for three years after settling allegations tied...