The Commodity Futures Trading Commission today announced an order filing and settling charges against former Congressman George Santos for engaging in manipulative activity in an event contract — whose underlying event Santos controlled — designed to affect the price of the swap.
Under the order, Santos must disgorge the profits he made from his unlawful trading totaling $17,569.98 and pay a civil monetary penalty of $17,500. Santos agreed to a cease and desist from further violations of the Commodity Exchange Act and CFTC regulations. Under the order, a three-year trading ban is imposed on Santos.
The order finds that between February 12, 2026, and February 25, 2026, Santos traded a contract titled “Who will attend the State of the Union?” and more specifically, traded on whether he would attend the 2026 State of the Union or not.
While buying and selling positions in this market, Santos posted on social media about his plans to attend or not attend the SOTU. In his social media posts, Santos made a series of material misrepresentations and omissions about whether he would attend the SOTU. After these posts, the SOTU contract prices moved in a direction that was favorable to Santos’ positions which allowed him to make over $17,500.
