Kalshi reports George Santos to DOJ over suspicious bets

Investing.com -- Prediction market operator Kalshi reported former U.S. Representative George Santos to the Department of Justice after detecting suspicious trading activity, the Associated Press reported on Wednesday, citing a person familiar with the matter.

Santos repeatedly stated he would attend President Donald Trump's State of the Union address on February 24, then placed bets against his own attendance, according to the report.

Kalshi also reported the trades to the Commodity Futures Trading Commission, a federal regulatory body.

The case comes as the fast-growing prediction market industry faces regulatory pressure to control insider trading as traders place wagers on the outcomes of political, economic and other real-world events.

Santos was expelled from Congress over fraud and identity theft. Last year, his more than seven-year prison sentence was commuted by U.S. President Donald Trump.

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