George Santos may have exited prison, but federal investigators reportedly aren't done with him. NPR reports that the former New York congressman sentenced to more than seven years in prison for fraud before Trump commuted his sentence last October is now under investigation by the Justice Department and Commodity Futures Trading Commission over alleged bets he made on prediction market platform Kalshi. According to three people with direct knowledge of the trades, Santos publicly hyped that he'd be in the House gallery for President Trump's State of the Union address, driving up odds on Kalshi, then skipped the event after placing bets that he wouldn't show—allegedly netting tens of thousands of dollars.
Kalshi flagged the activity, froze his account, and referred the matter to regulators, per a person familiar with the company's probe. Santos told NPR the investigation was "news to me" and wouldn't confirm having a Kalshi account. He previously claimed he was stuck in an airport during the address. He appeared to reference the reporting Wednesday on X, per the Guardian, writing, "I hate to disappoint but I don't engage with rag reporting anymore... Business as usual on my end haters!" The renewed scrutiny lands as prediction markets face broader questions about insider trading, with recent criminal cases involving a US Special Forces soldier and a Google employee accused of cashing in on nonpublic information.
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