- The CFTC said Santos made material misrepresentations in social media posts about attending the State of the Union, and as a result the SOTU contract prices moved in his favor, allowing him to make over $17,500.
- Santos still appeared unrepentant: he posted about Kalshi five times in 24 hours, called it a predatory platform, demanded its founder be deported, and threatened to have it legislated out of existence.
- A day before the address, Santos posted on X that he would be there in the gallery, and asked on Instagram whether to wear a bedazzled suit; he ultimately did not show up.
- Santos’ lawyer, Joseph Murray, said Santos had no intent to deceive any person, nor intent to manipulate any market when placing Kalshi bets, and that Santos had settled with the CFTC.
- Santos, who was expelled from Congress in 2023, later faced charges including identity theft and pilfering campaign funds, was sentenced to 87 months, and was released after 84 days when Donald Trump commuted his sentence.
The Commodity Futures Trading Commission (CFTC) has imposed a $35,000 fine on former congressman George Santos for manipulating political betting markets regarding his attendance at the State of the Union in February. Santos made misleading social media posts about his plans to attend, which influenced contract prices favorably for him.
On social media, Santos claimed, “I’m going to be there for the State of Union in the gallery, guys.” However, he did not attend, leading to a profit of over $17,500 from his bets. His lawyer, Joseph Murray, stated that Santos had “no intent to deceive” or manipulate the market when placing bets on his attendance.78
Despite settling with the CFTC, Santos has shown little remorse, posting multiple times on X about the betting platform Kalshi, calling it “a predatory platform” and threatening to have it “legislated out of existence.” He expressed intentions to advocate for regulation of such platforms, stating, “We need to be regulated as a gambling platform.” Santos, who was expelled from Congress in 2023 and previously sentenced to prison for various offenses, continues to stir controversy with his actions and statements.91011
Santos’ actions have raised questions about the integrity of political betting markets and the responsibilities of public figures in such contexts.
“Santos made over $17,500 after his State of the Union attendance posts moved contract prices in his favor. His lawyer Joseph Murray says Santos settled with the CFTC and had no intent to deceive, though Santos has posted about Kalshi five times in 24 hours and threatened to have it 'legislated out of existence.'”
Mother Jones
