American former congressman, embroiled in investigations and Kalshi trading fallout
Kalshi has become the largest prediction market in the United States, processing billions in trading volume and attracting institutional investment as it aims to expand beyond individual bettors into hedge funds and brokerages.
The Alaska Supreme Court has allowed Dan J. Sullivan to appear on the Republican ballot alongside incumbent Dan S. Sullivan, reversing an earlier disqualification for allegedly aiming to confuse voters. The court directs the Division of Elections to differentiate candidates within ballot design law as appeals proceed. The controversy centers on whether the challenger’s name and party affiliation could mislead voters ahead of the primary.
The former New York representative has been announced as a contestant on Fox’s fifth season of Special Forces: World’s Toughest Test, set to air in September. The show will test participants with extreme military-style challenges in a Malaysian jungle, pitting Santos against other celebrities and athletes. Santos has faced criminal charges and was expelled from Congress after fabricating parts of his life story.
The White House has placed Gabriel Perez, a teleprompter operator who has worked for the president since 2016, on unpaid administrative leave after Kalshi flagged suspicious bets tied to words in presidential speeches. Kalshi has referred trades to the Commodity Futures Trading Commission and has frozen more than $90,000 in accounts while regulators investigate.
Companies like Kalshi are expanding prediction markets to biotech trials, linking drug trial outcomes to tradable contracts. Bloomberg and The Guardian report Kalshi’s pilot, its safeguards, and regulatory concerns, as markets push for open data on trial probabilities amid regulatory decisions.
The Commodity Futures Trading Commission has settled with George Santos, banning him from trading for three years, and ordering him to forfeit more than $17,000 and pay a $17,500 penalty for trading on Kalshi bets about the State of the Union attendance. Santos’s lawyer says the resolution puts this matter behind him, with no admission of wrongdoing.
Carmine Agnello has begun a 15‑month prison term for a COVID‑era fraud. A judge had postponed surrender to allow a kidney transplant for his mother, Victoria Gotti, but no concrete schedule has emerged. The court ordered self‑surrender to proceed by Sept. 18, 2026, as medical timelines remain uncertain.
The Commodity Futures Trading Commission has ordered former White House teleprompter operator Gabriel Perez to repay $107,539.02 in profits, pay a $65,000 civil penalty and accept a three‑year trading ban after finding he used advance access to presidential speeches to place bets on Kalshi between December 2025 and February 2026. The CFTC credited his cooperation and KalshiEXfor assisting the probe.
Prediction-market platform Kalshi has permanently banned George Santos and fined him $71,356 after its compliance team concluded he traded on contracts tied to his attendance at President Trump’s 2026 State of the Union address and manipulated prices with public statements. The CFTC has already secured a separate $35,000 settlement and a three‑year trading ban.
Bill Simmons’s disclosure that a proxy bet was placed for him in Massachusetts has sparked scrutiny of online sports betting rules. Regulators are reviewing the practice, and FanDuel has voided the bets and reported the matter. The case highlights how location and account rules shape betting activity.