Betting activity by disgraced former Rep. George Santos on the prediction market Kalshi has been flagged to federal authorities, according to two sources familiar with the investigation.
Kalshi alerted the Justice Department about bets Santos placed regarding his attendance at President Donald Trump’s State of the Union address in February, according to the sources, who were not authorized to discuss the matter publicly. The prediction market company also alerted officials at the Commodity Futures Trading Commission, according to one of the sources.
Santos, 37, told his millions of followers on X that he planned to attend the speech — one of many events drawing online bettors at the time.
“I’m gonna be in the gallery,” Santos said in a video on X.
Santos did not attend the event. Kalshi also detected that Santos had been placing bets against his own attendance, according to the source.
Santos did not immediately return a request for comment. On Thursday, he acknowledged in a post on X that “the DOJ might be looking into me.”
“I will comment further when appropriate and clarify everything accordingly while being mindful and respectful of any process that might be underway,” Santos wrote. “The bases of the accusation is preposterous and I look forward to supplying any information asked of me to any agency that inquires, till then media please do not inquire.”
A representative for the Justice Department did not immediately return a request for comment. Not every criminal referral from outside results in an actual criminal investigation by the Justice Department, and it is unclear whether the Justice Department has opened a formal investigation.
Kalshi declined to comment.
A representative for the CFTC said in a statement that the commission cannot confirm or deny any investigation.
A source familiar with the agency confirmed that Santos is being investigated, but declined to say for what and when the investigation began. The source asked that their name not be published to protect the integrity of the probe.
Santos, a Republican, represented New York’s 3rd Congressional District from January to December 2023. He was expelled from Congress while under federal investigation.
In 2024, he pleaded guilty to federal charges including wire fraud, identity theft and money laundering. He was sentenced to 87 months in prison and ordered to pay almost $374,000 in restitution and over $200,000 in forfeiture.
Trump commuted Santos’ sentence last year, citing his living conditions behind bars and saying he had been “horribly mistreated.”
Before his short term in Congress, Santos garnered international media attention after The New York Times and other outlets revealed that he fabricated parts of his résumé and personal life story. Santos also made international headlines after old images of him in drag emerged.
