Kalshi Dishes Out Its First-Ever Lifetime Ban to George Santos (engadget.com)
- Reference: 0185327350
- News link: https://news.slashdot.org/story/26/08/31/1934242/kalshi-dishes-out-its-first-ever-lifetime-ban-to-george-santos
- Source link: https://www.engadget.com/2247629/kalshi-dishes-out-its-first-ever-lifetime-ban-to-george-santos/
> It was reported in June that Santos was under investigation from the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) over insider trading. Prediction markets like Kalshi allow users to buy contracts or shares in the outcome of events. Participants don't necessarily have to wait for an event to resolve before selling these contracts and cashing in.
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> Santos allegedly bought contracts on Kalshi indicating that he would not attend this year's State of the Union speech after weather disrupted his travel plans. According to the CFTC, Santos then sold those contracts for a profit after claiming on social media that he would be in attendance. The former congressman is said to have made more than $17,500 through this scheme, which Kalshi reportedly detected and flagged to authorities. In July, Santos [3]agreed to pay over $35,000 to settle the CFTC's claims against him. The agency also issued him a three-year trading ban.
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> Kalshi, however, doesn't plan to allow Santos back on its platform in 2029 (or anytime after that). The company confirmed to [4]The Wall Street Journal this was the first time it had given anyone a lifetime ban and that it did so because Santos didn't fully cooperate with its investigation. He can appeal the decision to the CTFC.
[1] https://www.engadget.com/2247629/kalshi-dishes-out-its-first-ever-lifetime-ban-to-george-santos/
[2] https://kalshi-public-docs.s3.amazonaws.com/regulatory/notices/KDA-2026-0006%20Santos%20Notice%20of%20Disciplinary%20Action.docx.pdf
[3] https://www.cftc.gov/PressRoom/PressReleases/9276-26
[4] https://www.wsj.com/politics/ex-congressman-george-santos-receives-kalshis-first-ever-lifetime-ban-b50eeaf1
Pick a fucking lane, Legal Beagle. (Score:2)
> Kalshi has issued its first-ever lifetime ban..He is also being fined $71,356..
Hey uh, just curious. Is Kalshi also offering scholarships and grants yet?
Asking for a bookie in Federal prison named Double Standard who's still wondering how Kalshi got the fuckin' balls to not offer a VIP training program..
The sequence of events is fascinating (Score:4, Funny)
Kalshi: builds a platform specifically designed to encourage and profit from insider trading
Santos: engages in insider tradiing
Kalshi: no, not like that
Re: (Score:2)
It's way too obvious. They trade on the inside info leaking in a way that isn't easily traceable. Santos is a complete buffoon and this is yet another testament to how stupid he is....political leanings aside.
Re: (Score:2)
Kalshi is not "specifically designed" for insider trading(*). In fact, it's specifically designed not to allow such trading. Kalshi's own rules, and the laws enforced by the Commodities Futures Trading Commission forbid it. George Santos being fined and banned shows that enforcement in action.
(*) You actually mean trading on insider information but I'll let that slide.
Damn, banned from the grifters (Score:2)
That's like being thrown out of hell for being too evil
I wonder if he bet on this (Score:2)
See subject.
Re: (Score:2)
He's banned, so even if he did, he won't see a payday.
Clearly George Santos did not ... (Score:2)
pay the orange one a sufficiently large bribe to ensure that he was not charged.
Re: (Score:2)
It might be more than just that. Has he done anything to help the Republican Party? I figure even criminal politicians have dues to pay.
News flash! (Score:2)
Shady scummy company imposes ban on shady scummy politician!
I bet Kitara Rivache will make book on this (Score:2)
amirite?
Lying Thieving Bastard (Score:3)
Why is George Santos not in prison? Even the Republicans can't stand that lying thieving bastard.
Re: (Score:3)
because his sentence was communted by the lying thieving bastard in the White House. Them LTBs gotta hang together, ya know?
Kalshi Trying to Legitimize (Score:3, Insightful)
Kalshi is all too happy to put on the guise of legitimacy and jurisdiction, and wear the costume of the judge, and decide on the side of justice, to distract everyone from the fact that they have no right to decide anything, and the CFTC does not replace governing state laws that regulate gambling which Kalshi still hopes to illegally defy.
Donald is not (Score:2)
...pardoning his best.
Insider trading what? (Score:2)
Isn't this an unregulated, unregistered non-security platform for entertainment only or some bullshit like that? Remember when those greedy casino operators...I mean engineers at Kalshi put in a "will the CEO of whatever say these words in his video" and at the end of the meeting he said all those word in sequence just to piss everyone off and throw off the bet because word got back to him? How would he not have insider knowledge? HE WROTE THE DAMN SPEECH. You could say he could just not participate in it f
fine by Kalshi? (Score:2)
I understand how the CFTC can impose fines, but how can Kalshi, which is not a government agency? Are users contractually bound to accept such fines?
Re: (Score:3)
Contracts. The user agreement must have a clause allowing these fines.
Re: (Score:2)
The user agreement itself doesn't mention fines but the Rulebook does. However, on my cursory reading, it only allows Kalshi to collect fines from the user's account with them. It doesn't seem to allow them to collect in other ways.
Re: (Score:2)
The rulebook I wrote for them says that I can collect fines from them. I mean WTF, legally, If they're banning him, I don't see how they can expect him to pay, unless they just take the funds from his account or whatever.