George Santos, former representative for New York and who escaped a sentence of more than seven years in prison thanks to a pardon from President Donald Trump, was fined for manipulating the result of a bet and is also prohibited from operating in the stock market for three years.
The former member of the Republican Party who was expelled from the House of Representatives in 2023, after an investigation where it was confirmed that he had committed fraud by using the credit card numbers of several of the people who supported him with donations to boost his campaign until he became a congressman, got into trouble again.
Taking advantage of the media fame he gained in the news media because he used his donors' bank codes to live a life surrounded by luxury, Santos made more than $17,500 dollars by operating in prediction markets in February.
His participation consisted of launching a bet, because, although on social networks he assured that he would attend the Capitol to listen to the State of the Union speech given by President Donald Trump, on February 24 - this with the aim of increasing the odds in the prediction market -, at the same time he secretly bet on the Kalshi platform for the option that Washington would not be present.
Minutes after the event began, George Santos wrote on his social networks that he had been stranded at an airport, a strategy implemented to justify his absence in Washington and thus earn more than $17,500.
However, the rigging orchestrated by the former New York representative reached the ears of the Commodity Futures Trading Commission (CFTC) and, upon corroborating his improper action, fined him $35,000 and literally closed his access to the Stock Market for three years.
Joseph Murray, George Santos' lawyer, pointed out that, although his client reached an agreement not to extend the process against him, he did not admit his guilt.
"Mr. Santos has agreed to resolve the CFTC investigation and conclude this matter. It is essential to note that, in accordance with the usual way of resolving these regulatory matters, Mr. Santos has reached an agreement without admitting any of the Commission's allegations, conclusions or allegations," he said in a statement.
