Former Rep. George Santos receives lifetime ban from Kalshi and $71,000 fine

A former U.S. Representative has been fined more than $71,000 after an investigation found that the individual had attempted to manipulate a prediction market. The fine was imposed by the relevant U.S. regulatory authority following a review of the Representative’s trading activity and communications that suggested an effort to influence market outcomes for personal gain.

The investigation revealed that the former lawmaker used insider information and coordinated trades to shift the odds on a popular prediction platform that tracks political events. The regulatory body cited violations of market‑fairness rules and concluded that the actions undermined the integrity of the market. The fine represents the maximum penalty under the applicable statutes for such conduct, and the Representative has been barred from participating in any regulated trading activity for a period of time.

The enforcement action underscores the broader effort to maintain transparency and fairness in prediction markets. It serves as a reminder that former public officials are subject to the same regulatory standards as other market participants, and it signals that attempts to manipulate market outcomes will be met with significant penalties.