Federal authorities are investigating whether George Santos, the disgraced former Republican congressman from New York, engaged in insider trading by betting on a prediction market on his own attendance to the State of the Union address, multiple news outlets reported on Tuesday.
Santos allegedly placed a bet on Kalshi, a popular online prediction market, over whether he would be in attendance at Trump’s State of the Union address in February, according to NPR, which first reported on the investigation citing anonymous sources.
Santos had shared his intention to be at the event on social media, before telling his followers that travel woes had nixed the plan.
Kalshi, whose representatives also did not reply to a request for comment, flagged the trade to the Commodity Futures Trading Commission (CFTC), according to the Associated Press.
Anonymous sources confirmed to several other news outlets that the Department of Justice was investigating the matter. The justice department and the CFTC did not immediately respond to a request for comment.
Reports of the federal investigation comes as Kalshi and Polymarket have faced scrutiny from lawmakers over concerns about insider trading.
Questions have swirled about well-timed, profitable online bets on the Iran war. In April, Kalshi fined three congressional candidates for betting on their own races. That same month, a US soldier involved in the capture of the Venezuelan president, Nicolás Maduro, was taken into custody over bets he made about the deposed head of state on Polymarket.
Asked by NPR whether he had a Kalshi account, Santos said: “I’m not saying yes. I’m not saying no.”
“I hate to disappoint but I don’t engage with rag reporting anymore…” Santos wrote on X, appearing to reference the reports. “Business as usual on my end haters!” he said.
Santos had a short stint in Congress, representing New York’s third district. He was expelled in December 2023 after a House ethics committee report detailed how he used campaign funds for purchases including travel, cosmetic treatment and luxury goods.
In April 2025, Santos was sentenced to seven years in prison after pleading guilty to wire fraud and identity theft. Months later, Trump commuted his sentence.
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