Former GOP Rep. George Santos has settled with the Commodity Futures Trading Commission over a series of prediction market bets he placed around President Trump’s State of the Union address, Sources Say News confirmed Friday.
In a statement, Santos’ attorney Joseph W. Murray called the deal a practical resolution, saying his client resolved the matter “without admitting any of the Commission’s allegations, findings, or conclusions” and stressing it was not “an admission of any wrongdoing.”
The agreement carries no criminal charges or admission of liability, Murray said.
His attorney described the penalty as “modest by any measure of a federal regulatory matter,” with a “limited, time-defined period” of restricted trading on registered platforms. He also noted the CFTC credited Santos for his cooperation in reaching a prompt resolution.
Santos is slated to pay roughly $35,000 as a result of the settlement.
“Under the order, Santos must disgorge the profits he made from his unlawful trading totaling $17,569.98 and pay a civil monetary penalty of $17,500,” the CFTC said in a press release. “Santos agreed to a cease and desist from further violations of the Commodity Exchange Act and CFTC regulations. Under the order, a three-year trading ban is imposed on Santos.”
The issue began in February after Santos posted a video on X stating he planned to attend the State of the Union in person.
Shortly after, prediction platform Kalshi noticed unusual trading activity regarding his attendance, froze his account, and referred the case to federal regulators. NPR first reported the referral in June, detailing allegations that Santos had profited tens of thousands of dollars by betting against his own attendance.
When reached by NPR, Santos said, “Well, that’s news to me,” and when asked if he held a Kalshi account replied, “I’m not saying yes, I’m not saying no.” The next day he called the claims “preposterous” in a post on X.
While initial coverage highlighted potential criminal scrutiny, a Department of Justice official subsequently confirmed to the Washington Examiner that there was no DOJ investigation into Santos, leaving the matter with civil market regulators.
Murray maintained there was “no intent to deceive any person, nor intent to manipulate any market.”
According to the defense, Santos fully intended to travel to Washington, booking both flights and a hotel for the event, and only changed his plans after severe East Coast winter storms disrupted his travel plans.argued.
Santos was expelled from the House of Representatives in December 2023 following reports that he had embellished details of his personal and professional background.
He later pleaded guilty to campaign-era fraud and identity theft, serving a brief prison term before Donald Trump commuted his sentence in October 2025.
The former congressman-turned-podcast host of Doing Time with George Santos has since returned to public life and is set to appear on the upcoming season of Fox’s Special Forces: World’s Toughest Test.
Through his lawyer, Santos expressed relief at closing the matter, stating he is “grateful to have this chapter concluded.”
