Kalshi's First Permanent Ban Includes $71k Fine Linked to CFTC Penalty
Prediction market platform Kalshi fines George Santos $71,356 and bans him permanently, tying the action to the CFTC's prior $35,000 order on State of the Union trades.
Kalshi disclosed a $71,356 fine as part of its first permanent ban on George Santos for trading on his own State of the Union attendance, directly linking the action to the CFTC's separate $35,000 penalty on the same contracts.
Kalshi banned former Representative George Santos and fined him $71,356 for trading on his own attendance at the State of the Union address.
Santos allegedly profited $17,000 from the trades and posted conflicting statements on social media about whether he would attend the event.
The Commodity Futures Trading Commission had already ordered Santos to pay a separate $35,000 fine and barred him from securities trading for three years over the same contracts.
Kalshi described the action as its first permanent trading ban. The platform stated that Santos violated its rules on trading and non-public information through the activity.
Santos represented New York's 3rd Congressional District until his expulsion in 2023. He was later sentenced to 87 months in prison for wire fraud and identity theft, though the sentence was commuted.
The exact policy language Kalshi applied and any coordination with the CFTC remain undisclosed.