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George Santos agrees to $35,000 settlement in federal probe over Kalshi trades
['Abc News']
ABC News: Business
The commission said Friday’s settlement represents the more than $17,000 Santos earned from the unlawful trading as well as a fine of $17,500.
Kalshi, which had reported Santos to regulators, said it will also pursue its own enforcement action and work to reimburse traders if monetary penalties are recovered.
Social media users called him out, noting that Kalshi had put the odds of Santos attending the address at close to 75%.
But the federal probe into the Kalshi trading prompted rival online prediction platform Polymarket to cut ties with Santos in June.
Santos was eventually expelled from Congress and charged with federal wire fraud and identity theft charges as investigators probed how he funded his campaign.