Key facts
- DOJ and CFTC are investigating George Santos for potential insider trading.
- The investigation involves the prediction market platform Kalshi.
- Santos allegedly traded contracts related to his attendance at the State of the Union address.
- Kalshi reported suspicious trading activity from Santos' account to federal authorities.
- Santos publicly suggested he planned to attend the address but later posted from an airport during the speech.
The Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) are reportedly examining former U.S. Representative George Santos for potential insider trading related to his activity on the prediction market platform Kalshi. According to NPR, Kalshi detected suspicious trading activity from an account linked to Santos concerning his expected attendance at President Donald Trump's State of the Union address in February. Kalshi reportedly froze the account and referred the matter to federal authorities. Investigators are assessing whether Santos used non-public information about his own plans to profit. NPR reported that Santos allegedly made tens of thousands of dollars by betting against his attendance after publicly suggesting he would be present. He later posted from an airport during the speech, and market odds on his attendance subsequently fell.