Prediction market platform Kalshi issued its first-ever lifetime ban Monday, and the recipient is George Santos.
The former New York congressman who was expelled from the House in 2023 amid a federal fraud indictment was permanently barred from Kalshi and fined $71,356 after the company's compliance department found reasonable cause to believe he engaged in insider trading on his own attendance at President Trump's State of the Union address in February.
The scheme: Santos publicly posted about planning to attend the address, even asking followers what suit he should wear, then placed a series of large bets from February 2 through February 25 on whether he would show up.
By the time he posted that he was watching from an airport TV instead, he had already switched his bet. Kalshi said he made $17,839.57 on the trades.
The $71,356 fine represents multiples of his profit, imposed partly because of what Kalshi called "his lack of cooperation" with its investigation.
Santos settled a separate CFTC probe over the same conduct in July, agreeing to pay $35,000.
He responded to the Kalshi ban Monday on X: "Hey @Kalshi thanks for the lifetime ban from your gambling platform. Let's see how much longer you guys are around for."
He is the first person ever banned for life from Kalshi. Kalshi also suspended three political candidates Monday for betting on their own races.