Former New York Congressman George Santos will pay $35,000 to settle a federal investigation into illegal political bets, according to a report by FOX 26. The settlement closes a probe into his trading activity.
Federal regulators at the Commodity Futures Trading Commission announced the settlement. The agency had been investigating Santos over the bets.
According to the report, regulators discovered that Santos used the prediction site Kalshi to place the bets. He wagered against his own attendance at President Trump's State of the Union address.
Under the terms of the deal, Santos must pay a fine. The fine is part of the resolution announced by the regulators.
Santos must also give back his trading profits. Returning the gains he made is another condition of the settlement.
In addition, Santos agreed to a three-year trading ban. The ban keeps him out of the kind of trading that drew the federal scrutiny.
Despite the settlement, Santos's attorney maintains that he has committed no wrongdoing. The former congressman resolved the matter without conceding that he broke any rules.