The Department of Justice (DOJ) is reportedly investigating former New York GOP Representative George Santos after a prediction market website reported him to federal authorities for suspected market manipulation.
Santos is accused of using the popular prediction/betting platform, Kalshi, to engage in some form of insider trading ahead of President Donald Trump’s State of the Union (SOTU) address on February 24th this year.
The day before, he notably posted a video to X in relation to the SOTU.
At the time, Kalshi users had already placed millions of dollars worth of wagers on potential high-profile attendees at the SOTU.
While contracts predicting Santos’ attendance opened at 16 cents in January and hovered around 33 cents the day before the event, his posted X video sent prices soaring to 76 cents around 10:00 a.m. ET on the morning of the address.
However, the former congressman failed to show up.
Hellbound and Down 