The Department of Justice is investigating former Republican Representative George Santos for suspected insider trading on Kalshi, a prediction market platform, according to multiple sources. The probe centers on allegations that Santos manipulated betting odds by spreading false information about his attendance at a major political event linked to former President Donald Trump.
Sources told NPR that the investigation began after Santos publicly claimed on social media platform X that he was attending Trump’s State of the Union address. His announcements caused the betting odds on Kalshi for his attendance to climb significantly. However, Santos reportedly placed bets against himself and never actually attended the event. When he later posted that he was “stuck at the airport” and unable to make it, the odds plummeted, allowing Santos to collect substantial winnings.
Santos has not confirmed or denied owning a Kalshi account but was aware of the investigation when asked for comment. He was expelled from the House of Representatives in 2023 following numerous financial misconduct allegations, including stealing money from donors. Although he was sentenced to seven years in prison on wire fraud and other charges, Santos served less than three months before former President Trump commuted his sentence.