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.

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[–] 89 points 2 months ago (9 children)

This is literally what this website exists for.... Are they just mad at him for bringing attention to the grift?

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  • [–] 37 points 2 months ago (2 children)

    That's what Santos does best. He did the same thing in government.

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  • [–] 16 points 2 months ago (5 children)

    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.

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  • [–] 5 points 2 months ago (4 children)

    The PredictIt site has been around for years, they can still be found at https://predictit.org

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  • [–] 5 points 2 months ago (3 children)

    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.

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  • [–] 6 points 2 months ago* (2 children)

    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)

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  • [–] 2 points 2 months ago* (1 child)

    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.

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  • [–] 48 points 2 months ago (4 children)

    Reminder. He was sentenced to 87 months in Federal prison for wire fraud and aggravated identity theft.

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  • [–] 13 points 2 months ago (3 children)

    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.

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  • [–] 8 points 2 months ago (2 children)
  • [–] 2 points 2 months ago (1 child)

    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.)

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  • [–] 14 points 2 months ago*

    He spelled SMEGMA wrong on his hat.

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  • Putting the $ next to maga on that hat could be the most honest public statement he's ever made.

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  • [–] 6 points 2 months ago

    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?

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  • [–] 4 points 2 months ago

    So then is the orange one going to make him Treasury Secretary? Seems to be SOP at this point.

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  • [–] 4 points 2 months ago

    Does that mean the other frauds identified so far can still use the platform?

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  • [–] 3 points 2 months ago

    Shouldn't he be locked up for all the blatant lying/conning?

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  • [–] 2 points 2 months ago

    Wasn't the sales pitch that those prediction markets would act as a "whistleblower platform"?

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  • [–] 4 points 2 months ago (1 child)

    The extent of this man's hustle is legendary.

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  • Is that a SMAGMA hat?

    Classy.

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