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Kalshi bans ex-congressman George Santos for life after suspicious trades
Confirmed
However, Santos proceeded to make a series of trades linked to his attendance at the event and to make multiple public statements in an effort to influence the price of the prediction market contract, according to Kalshi.
A Kalshi spokesperson said Santos is being banned due to "his lack of cooperation" with its compliance department, which was investigating trades the company said netted him nearly $18,000 in profits. Before his announcement, Santos had allegedly placed bets on Kalshi that he was not going to attend the State of the Union, NPR reported.
In a statement at the time, Santos’ lawyer said his client had a “genuine intention” to attend the State of the Union, even booking a hotel and plane ticket before a winter storm scuttled the plans. According to a disciplinary filing released by the firm, its compliance team determined there was reasonable cause to conclude that the former lawmaker participated in unlawful trades.
Santos could influence the outcome of the event and so was prohibited from placing bets related to the State of the Union, according to a notice posted on Kalshi's website. “Mr. Santos concealed neither his intention to attend, nor his change of plans to not attend the SOTU, from anyone," attorney Joseph Murray said.
What's confirmed
- However, Santos proceeded to make a series of trades linked to his attendance at the event and to make multiple public statements in an effort to influence the price of the prediction market contract, according to Kalshi
- A Kalshi spokesperson said Santos is being banned due to "his lack of cooperation" with its compliance department, which was investigating trades the company said netted him nearly $18,000 in profits.
- In a statement at the time, Santos’ lawyer said his client had a “genuine intention” to attend the State of the Union, even booking a hotel and plane ticket before a winter storm scuttled the plans.
- Santos could influence the outcome of the event and so was prohibited from placing bets related to the State of the Union, according to a notice posted on Kalshi's website.
What's still developing
- A Kalshi spokesperson said Santos is being banned due to "his lack of cooperation" with its compliance department, which was investigating trades the company said netted him nearly $18,000 in profits.
- Santos could influence the outcome of the event and so was prohibited from placing bets related to the State of the Union, according to a notice posted on Kalshi's website.
- However, Santos proceeded to make a series of trades linked to his attendance at the event and to make multiple public statements in an effort to influence the price of the prediction market contract, according to…
- According to a disciplinary filing released by the firm, its compliance team determined there was reasonable cause to conclude that the former lawmaker participated in unlawful trades.
- Before his announcement, Santos had allegedly placed bets on Kalshi that he was not going to attend the State of the Union, NPR reported.
- In a statement at the time, Santos’ lawyer said his client had a “genuine intention” to attend the State of the Union, even booking a hotel and plane ticket before a winter storm scuttled the plans.
- “Mr. Santos concealed neither his intention to attend, nor his change of plans to not attend the SOTU, from anyone," attorney Joseph Murray said.