Former Republican Representative George Santos has hit back after receiving a lifetime ban on prediction market platform Kalshi.
On Monday, Kalshi said it had permanently barred Santos from its platform and imposed a $71,356 penalty following a Commodity Futures Trading Commission (CFTC) case tied to trades on his own attendance at President Donald Trump’s State of the Union address. Regulators alleged Santos profited from contracts predicting he would miss the event while posting content that suggested he still planned to attend.
It marks the first time Kalshi has issued a lifetime ban, according to a company spokesperson, and its compliance department had imposed a penalty of $71,356, according to a filing on its website.
Shouldn’t he be locked up for all the blatant lying/conning?
This is literally what this website exists for… Are they just mad at him for bringing attention to the grift?
That’s what Santos does best. He did the same thing in government.
Happened to Matt Gaetz too.
As long as you shut your fucking mouth, they couldn’t care less.
Whoops! He found the only way to get forcibly ostracized from said grift.
Good
The original idea was good. It was put forth by academics, that ran pilot programs through a couple of universities. To get a more honest measure of what people think will happen as they are voting with their money.
They outlawed that non profit academic site, Predict it, around like 2021 or so I forget, then gave the thumbs up to these shady for profit comanies like kalshi that in maximizing revenue have made it also work as such.
The PredictIt site has been around for years, they can still be found at https://predictit.org/
Last I read US people weren’t allowed to use it since 2021. Because the political predictions purportedly.
But that’s good they are still active elsewhere and or trading in non forbidden other betting markets in the US. This is like using the credit union over the multinational bank that is kalshi.
They sued to continue operation and received a No-Action Letter (Basically a promise that the regulatory body would not shut them down as long as they followed certain restrictions)
One of those restrictions likely being not to allow americans to vote in forbidden markets like political bets. Even though these for profit companies can do that.
It’s open corruption, I’m glad predict it fought back, but the deed is already done, we now have the everything bet majors. No open source options in site, not for 80 percent of the population.
Reminder. He was sentenced to 87 months in Federal prison for wire fraud and aggravated identity theft.
That was less than 87 months ago though. Didn’t they let him out almost immediately? He probably had sex tapes of him and some douchebag bigwig going t it or something. I can’t imagine he grifted/stole enough to afford a presidential pardon.
Yeah he got a pardon iirc
His currency for that pardon must have been blackmail as he would not presumably have the millions not demanded for a pardon. (Idk exactly, but he was selling parsdons in the end of 2020 after he lost for 1 million. It’s going to be higher now, they feel they have won.)
He spelled SMEGMA wrong on his hat.
Putting the $ next to maga on that hat could be the most honest public statement he’s ever made.
How much money on total did he make? And honestly, how is only $76k what he made off a slam dunk that he could directly prime? Weren’t there bets getting like $500k from the first strikes on Iran?
So then is the orange one going to make him Treasury Secretary? Seems to be SOP at this point.
Does that mean the other frauds identified so far can still use the platform?
The extent of this man’s hustle is legendary.
The man actually admitted to lying to Congress, which made him the most honest Congressperson.
Absolute grifter. And we should wish more Republicans were like Santos.
Wasn’t the sales pitch that those prediction markets would act as a “whistleblower platform”?
Is that a SMAGMA hat?
Classy.
