CFTC Settlement Imposes $35,100 Fine and Three-Year Trading Ban on Santos

Former Rep. George Santos settles CFTC case regarding Kalshi market manipulation. He must pay $35,100 in restitution and fines and faces a three-year trading ban for misleading statements.

Woofun AI reports that former U.S. Representative George Santos has finalized a settlement with the Commodity Futures Trading Commission (CFTC) concerning his activities on the prediction platform Kalshi. Under an order issued on July 31, Santos is required to return $17,569.98 in profits and pay a $17,500 civil penalty, totaling $35,100.

Additionally, he is barred from trading at any CFTC-registered entity for three years.

The CFTC determined that Santos engaged in serious negligence and made misleading public statements regarding his attendance at President Donald Trump’s State of the Union address. Trading records indicate Santos opened an account on February 11, purchasing "Yes" contracts for a $3,448.43 gain before publicly claiming he would attend despite transportation cancellations. He then bought "No" contracts, securing a $14,390.57 profit. Kalshi detected the activity, froze the account, and submitted evidence to the CFTC. Santos has not acknowledged the findings.