U.S. district judge, Southern District of New York
A Manhattan judge has sentenced Guo Wengui, a Chinese dissident-turned-US critic, to 30 years in prison after a seven-week trial found him guilty on nine counts of fraud, racketeering and money laundering. Prosecutors say he exploited followers who invested more than $1bn in ventures under his control to fund a lavish lifestyle.
New York state officials have filed a state Supreme Court lawsuit against Kalshi, alleging the prediction market platform operates illegally without a Gaming Commission license, endangers consumers, and should forfeit gains and pay restitution and penalties. The action adds to a broader clash over how prediction markets are regulated between states and the federal government.