The episode began four months after Santos walked out of federal prison on a sentence commuted by Trump, cutting short an 87-month term for wire fraud and aggravated identity theft tied to his 2022 campaign. Per NPR’s reporting, in a video posted to X the day before the speech, he told followers he would be watching from the gallery. On Kalshi, where traders had staked millions on who would attend, his confirmation pushed the odds of his appearance toward 75 percent.

He never showed. “Watching SOTU from an airport TV was not part of the plan,” Santos posted as Trump spoke, and the market cratered. What he omitted, per NPR, was that he had already bet against his own attendance, pocketing a profit in the tens of thousands at the expense of the bettors on the other side.

Kalshi detected the activity, froze the account, and referred it to the CFTC and the Justice Department, two people familiar with the matter said. Neither agency responded to requests for comment, and the prediction market also declined to discuss the case. Reached by reporters, Santos called the probe “news to me” and would not confirm an account: “I’m not saying yes, I’m not saying no.”

Santos joins a widening roster of traders accused of converting private knowledge into prediction-market profit. Last week, prosecutors charged a Google engineer who made more than $1.2 million on Polymarket trades tied to confidential search data. In April, a U.S. soldier was charged with making more than $400,000 betting on the capture of Venezuelan leader Nicolás Maduro. Lawmakers and the CFTC have repeatedly warned that the markets’ breakneck growth has outrun their safeguards.

What sets the Santos case apart is the source of the edge: the bettor himself. Kalshi disclosed in February that it had opened more than 200 insider-trading investigations over the prior year, a dozen of which became active cases. The former congressman remains a fixture of the market he is accused of gaming; last month, traders wagered nearly $90,000 on which words he would utter in a single Newsmax interview.

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