A White House teleprompter operator is under investigation for allegedly making nearly $100,000 by betting on words used in President Donald Trump’s speeches, including the State of the Union address.
Gabriel Perez, who worked at the White House since 2016, is accused of using inside information to place bets on a prediction markets platform called Kalshi, where users can wager on real-world events. The platform reported the suspicious activity to the Commodity Futures Trading Commission (CFTC), which regulates the platform.
White House Insider Trading
Perez allegedly placed bets on “mention markets” – contracts where users predict whether a speaker will use common terms, such as specific countries, economic words, or campaign slogans. Kalshi’s analysts noticed unusual betting patterns in March and froze Perez’s account, preventing him from withdrawing over $90,000 in potential profits.
The company’s head of enforcement, Robert DeNault, said the firm had handed evidence to regulators. The White House has since placed Perez on unpaid leave, and he will no longer work at the White House, according to press secretary Karoline Leavitt.
The CFTC is investigating the matter, although the agency declined to confirm or deny the probe. Sources said Perez has been “fully cooperative” with the CFTC, and federal prosecutors in Manhattan have declined to open a criminal case.
Implications and Reactions
The incident raises concerns about the potential for insider trading and the use of sensitive information for personal gain. The case highlights the need for stricter regulations and oversight to prevent such abuses of power.
The story has sparked a wider debate about the ethics of prediction markets and the potential risks of insider trading. As the investigation continues, it remains to be seen what further actions will be taken against Perez and what measures will be implemented to prevent similar incidents in the future.
The incident serves as a reminder of the importance of transparency and accountability in government, and the need for those in positions of power to uphold the highest standards of integrity and ethics.
