The online “prediction markets” platform known as Kalshi has reported the disgraced former Republican Congressmember George Santos to federal authorities on suspicion of insider trading. Two sources familiar with the investigation say Kalshi contacted the Commodity Futures Trading Commission and the Department of Justice after Santos placed bets on whether or not he would attend the State of the Union address last February. Santos bet against his own attendance — after posting this video to his hundreds of thousands of social media followers.

George Santos: “I’m going to be there for the State of the Union in the gallery, guys. Just chill, trolls. Chill. OK?”

Santos was expelled from Congress in 2023 and pleaded guilty last year to wire fraud, identity theft, lying to Congress, stealing money from campaign donors and fraudulent unemployment claims. He was released from federal prison in October after President Trump commuted his seven-year sentence. It’s not clear whether Santos will face new criminal charges.

This comes after President Trump lashed out at prominent politicians who’ve sought to regulate or ban Kalshi and similar platforms. Writing on his Truth Social site after Minnesota last month became the first state to ban prediction markets, Trump called Governor Tim Walz ”SCUM,” along with Chris Christie, Letitia James, and JB Pritzker. Trump added, “Other Countries are after this new form of Financial Market, and we want to remain at the top. Likewise, and even more importantly, where we are currently the Crypto (Bitcoin, etc.) Capital of the World, other Countries are trying diligently to replace us in that capacity, but we won’t let that happen.”