George Santos faces DOJ and CFTC probes over Kalshi trades

The Justice Department and the Commodity Futures Trading Commission are investigating former Rep. George Santos over alleged insider trading on prediction-market platform Kalshi. Kalshi referred the matter to law enforcement after detecting unusual trades tied to Santos' attendance at the State of the Union, and NPR was first to report the probe.

Santos told NPR the investigations were "news to me," and said he was "not saying yes" and "not saying no" when asked whether he had a Kalshi account. The day before the State of the Union he posted on X that he planned to attend, but did not; he later said he watched the speech from an airport.

NPR reported he had placed bets that he would not appear, allowing him to turn a profit of "tens of thousands of dollars." The probe adds to Santos' legal troubles. He was expelled from the House in 2023 after scandals involving fabricated elements of his biography and alleged financial misconduct.

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