The Wall Street Journal reports:

Kalshi said on Monday that it would ban former Republican Rep. George Santos from using its platform for life after a federal regulator alleged that the ex-congressman made more than $17,000 by placing bets on his attendance at President Trump’s State of the Union address. In addition to the ban, Kalshi said its compliance department had imposed a penalty of $71,356, according to a filing on its website. It marks the first time the company has issued a lifetime ban, according to a Kalshi spokeswoman.

The former New York lawmaker, who was expelled from Congress in 2023, agreed in July to pay more than $35,000 to settle claims by the Commodity Futures Trading Commission against him. The regulator accused Santos of making misrepresentations and omissions on social media that influenced the price of his positions related to the address, and said he improperly traded on an event that he had the power to influence. Kalshi said it banned Santos for life because he didn’t fully cooperate with the company’s investigation.