The Commodity Futures Trading Commission announced Friday that it has settled a case involving former Rep. George Santos, who was facing an insider trading investigation by the Justice Department for betting on his own attendance to President Donald Trump’s State of the Union address earlier this year.
Santos has agreed to pay a $17,500 fine and repay the $17,569.98 he made on the bet, the CFTC announced. He also is barred from trading on prediction markets for three years.
In a statement, Joseph W. Murray, Santos’ attorney, said the former congressman agreed to resolve the CFTC’s inquiry to “put this matter behind him.” Santos admitted to placing the bet in question but maintains that the act does not amount to any wrongdoing, his lawyer added.