PANews, August 1: According to NBC News, former Congressman George Santos has agreed to pay $35,000 to settle a federal investigation into his suspicious trading activity on the Kalshi prediction market platform. Previously, he had placed bets that he would not attend President Donald Trump’s State of the Union address. The U.S. Commodity Futures Trading Commission (CFTC) stated that the settlement includes more than $17,000 in ill-gotten gains from the illegal trades and a $17,500 penalty. The agency has also imposed a three-year trading ban on Santos. George Santos said the settlement with the CFTC was reached to “fully resolve the matter,” adding that he did not admit to any wrongdoing.
Former Congressman George Santos settles with the CFTC for $35,000 over Kalshi trading investigation
PANewsShare
Summary
Former U.S. Congressman George Santos has agreed to a $35,000 settlement with the CFTC over alleged violations related to the Kalshi prediction market. The settlement includes over $17,000 in disgorged profits, a $17,500 civil penalty, and a three-year trading ban. Santos stated that the resolution does not constitute an admission of guilt. The case underscores regulatory emphasis on enforcing crypto-related bans and preserving market integrity.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.