Kalshi bans ex-Congressman George Santos for life after concluding he likely was insider trading

NEW YORK (AP) — The online prediction market platform Kalshi said Monday that it has permanently banned former U.S. Rep. George Santos after concluding the former Republican congressman likely engaged in insider trading when he bet against his attendance at the State of the Union address.

The company announced the ban after saying its compliance department had established reasonable cause to believe Santos engaged in insider trading over his attendance at the address.

The convicted ex-congressman had repeatedly discussed his intention to attend the State of the Union, which came just four months after he was granted clemency by President Donald Trump in a fraud case that led to his expulsion from the U.S. House.

On the eve of Trump’s speech, Kalshi put the odds of Santos attending at close to 75%.

Then, minutes into the speech, Santos posted on X that he had been waylaid at the airport. Immediately, several social media users accused him of running another scheme.

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