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Ex-Congressman George Santos Reportedly Under Federal Investigation For Insider Trading
Ex-Congressman George Santos
Allegedly Made Suspicious Bet On Trump SOTU Address
Published
Former U.S. Congressman George Santos is in hot water again with the feds … the Department of Justice is reportedly investigating him for alleged insider trading.
Santos, a convicted felon, is now facing possible new federal charges for making a suspicious trade in a prediction market on one of President Trump’s speeches, according to the Associated Press.
The outlet reports that Santos bragged about attending Trump’s State of the Union address on February 24, but he then bet against showing up for it.
Santos allegedly placed the bet using Kalshi, a regulated financial exchange that allows users to trade on the outcome of future events.
Kalshi subsequently learned about the suspicious trade and referred Santos to the DOJ, as well as the Commodity Futures Trading Commission, the AP said. Furthermore, the commission, a federal regulatory body, has recently made a push to crack down on insider trading.
As for Santos, he’s no stranger to federal prosecutors. He was sentenced to 7 years in a federal lockup after he pleaded guilty to fraud and identity theft in 2024.
But Trump took pity on his fellow Republican and commuted Santos’ sentence, releasing him after 84 days in prison. Santos served New York’s 3rd Congressional District for just under a year in 2021.