Kalshi bans ex-congressman George Santos for life after suspicious trades

Updated on: August 31, 2026 / 10:57 AM EDT / CBS News

Kalshi has permanently banned George Santos from its prediction market platform after the former New York lawmaker failed to cooperate with the company's investigation into allegedly unlawful trades he made related to his attendance at the 2026 State of the Union address.

A Kalshi spokesperson said Santos is being banned due to "his lack of cooperation" with its compliance department, which was investigating trades the company said netted him nearly $18,000 in profits. The The prediction market also penalized him $71,356, a filing on the company's website shows.

Santos represented New York's 3rd District in the House of Representatives before he was expelled in 2023 after being charged with fraud and campaign finance violations.

In July, Santos agreed to pay $35,000 to settle a federal probe into his suspicious trades on Kalshi. The Commodity Futures Trading Commission also imposed a three-year trading ban on Santos.

—This is a developing story and will be updated

Original source: https://www.cbsnews.com/moneywatch/