Federal enforcement
In the Matter of George Anthony Devolder Santos
Commodity Futures Trading Commission (administrative proceeding), CFTC Docket No. 26-05
Settled
Cite this page
Bluebook
In the Matter of George Anthony Devolder Santos, Prediction Market Laws (last updated Oct. 21, 2026), https://predictionmarketlaws.com/lawsuits/cftc-in-re-santos.
APA
Prediction Market Laws. (2026, October 21). In the Matter of George Anthony Devolder Santos. https://predictionmarketlaws.com/lawsuits/cftc-in-re-santos
Settled on July 31, 2026 by an administrative order under CEA Section 6(c) and (d), which Santos accepted without admitting or denying the findings: disgorgement of $17,569.98, a $17,500 civil penalty, a three-year trading ban and a cease-and-desist order.
The question
Whether a person who controls the outcome of an event contract commits manipulation by publicly misrepresenting what he will do while trading the contract.
The CFTC filed and settled charges against former Congressman George Santos on July 31, 2026. The agency found that between Feb. 12, 2026 and Feb. 25, 2026 he manipulated a Kalshi contract on whether he would attend the 2026 State of the Union, an outcome he controlled, by posting misleading statements on social media about his plans, in violation of CEA Section 6(c)(1) and Regulation 180.1. Without admitting or denying the findings, he agreed to pay about $35,000 in disgorgement and penalties, to a three-year trading ban and to cease and desist.
Docket timeline
The CFTC entered a settled order instituting proceedings (CFTC Docket No. 26-05), finding violations of CEA Section 6(c)(1) and Regulation 180.1(a)(1) and (3), and imposing disgorgement of $17,569.98, a $17,500 civil monetary penalty and a three-year trading ban.
Source: cftc.gov