Trump teleprompter operator made $100K betting on Kalshi markets

[Coyster]

This is the reason why some one proposed that the prediction market should stop adding events that can be easily knows and taken advantage not through insider information,

Information like this cannot be 'easily' known, you'd have to be an insider who is closely working with the president. And you are not expected to use it for your advantage, so i don't think prediction markets would make changes, just yet.  

I see some people trying to rope Trump into this, but he is definitely not reponsible for how his close associates decide to use confidential inside information. I am sure insiders also found ways to benefit from things like these when other presidents were in power, maybe not through prediction markets, because they were not popular then, but in some other ways.

[YOSHIE]

President Donald Trump's longtime teleprompter operator is believed to have made tens of thousands of dollars by placing bets on more than a dozen of Trump's speeches on the prediction market Kalshi.

This is the same as a betting insider, he knows all of Donald Trump's activities as US president, because he is one of Trump's teleprompter operators, that's how the world of gambling is not really clean in any case.

Winning the prediction market there is always exciting news, there is always exciting news in the world of gambling, this time it was Trump's teleprompter operator who made big profits, maybe tomorrow we will hear again about the prime minister's operator who managed to win millions of dollars in bets on Kalshi prediction market.

I might not be surprised when people closest to high-ranking officials like the president win bets on the prediction market, they know the origins of the bets being able to win, especially since the bets are related to the president's own activities or policies.

[uneng]

Welcome to the dirty world of inside information. That is how some individuals are making huge profit over a mass of fools who believe it's possible to get rich quickly by placing bets. Betting on political, economical and social events is a big mistake, because you never have access to the same data people from the inner circles have. Actually, even sports events are risky, since it's completely possible for players to manipulate outcomes and mould results as they wish.

Worst yet, the only reason why people watching these news are disturbed is the fact they aren't on the shoes of the teleprompter operator, because they would like to do the very same thing... This is what happens when you have a society guided by moral relativism mindset.

[electronicash]

why not.  a mad world after all. if there is a way to make money while you know the future, it shouldn't be kept inside him. and so he did. everyone is welcome so they say so join the party.

this isn't the first time someone grabbing his opportunity to make thousands of money. there were several of them long before this guy.  so why is the fed regulators bothering them when the platform isn't regulated.   people saying polymarket isn't asking KYC so how come this guy got caught?

[Die_empty]

Welcome to the dirty world of inside information. That is how some individuals are making huge profit over a mass of fools who believe it's possible to get rich quickly by placing bets. Betting on political, economical and social events is a big mistake, because you never have access to the same data people from the inner circles have. Actually, even sports events are risky, since it's completely possible for players to manipulate outcomes and mould results as they wish.

Worst yet, the only reason why people watching these news are disturbed is the fact they aren't on the shoes of the teleprompter operator, because they would like to do the very same thing... This is what happens when you have a society guided by moral relativism mindset.

I have kept wondering why prediction market users are increasing in the face of these allegations of insider betting. Does it mean they are making money from their bets, or are they just doing it for fun? Within the short period of the prediction market's existence, there have been several cases of fraudulent practices by those with access to insider information. Maybe this is happening because this aspect of gambling is new and could be easily manipulated. Maybe in the future things might change through strict regulations.

My take is that Gabriel Perez is just a small fish in the world of insider trading. There might be many top government officials close to Trump that are raking in millions on the prediction market. They might be unknown now, or they are shielded from prosecution.

[Hispo]

Welcome to the dirty world of inside information. That is how some individuals are making huge profit over a mass of fools who believe it's possible to get rich quickly by placing bets. Betting on political, economical and social events is a big mistake, because you never have access to the same data people from the inner circles have. Actually, even sports events are risky, since it's completely possible for players to manipulate outcomes and mould results as they wish.

Worst yet, the only reason why people watching these news are disturbed is the fact they aren't on the shoes of the teleprompter operator, because they would like to do the very same thing... This is what happens when you have a society guided by moral relativism mindset.

I have kept wondering why prediction market users are increasing in the face of these allegations of insider betting. Does it mean they are making money from their bets, or are they just doing it for fun? Within the short period of the prediction market's existence, there have been several cases of fraudulent practices by those with access to insider information. Maybe this is happening because this aspect of gambling is new and could be easily manipulated. Maybe in the future things might change through strict regulations.

My take is that Gabriel Perez is just a small fish in the world of insider trading. There might be many top government officials close to Trump that are raking in millions on the prediction market. They might be unknown now, or they are shielded from prosecution.

He was certainly just a small fish which did not have anybody guarding his back and he did not have any important political influence either to flee prosecution in the same manner people in the Trump family could or even some people in the US senate or the house of representatives could.
Those who are too big to get prosecuted will continue to do exactly what Gabriel was doing, and they will never get discovered, even if they are discovered and prosecuted, they will pleas guilty and get a slap on their wrist as a punishment, so they could continue to enjoy their money after spending a very short period of time in prison.

No wonder why there are so many people who insist the system is broken in the USA and in other western nations.

[rdluffy]

Keep in mind that the White House already issued a statement on this matter a few months ago, prohibiting any employee from making money off these predictions

Yes, it is a prohibited activity that is punishable by applicable laws. But many people would not care and they would be ready to take the risk if they can get their hands or ears on inside information. I am sure many of these guys would place these bets by proxy, but investigations can still fill the gaps and link it to them.

As for the prediction markets, they are definitely not going to stop bets on politics and government activities, because it is part of what has made them very popular and generated revenue for their services.

It could work that way, or they could simply create accounts in the names of third parties, use a VPN to access other services like Polymarket that don’t require KYC, or even sell the information to a third party, without even having to actually trade

It will be very difficult to track them if the user sticks solely to crypto
It’s easier if they convert to fiat at some point and the authorities are able to cross-reference the data

[coin-investor]

Apparently, people around Trump decided that if he can make money as president, then so can we.

That guy sees that opportunity and decided that he can cash out using that method; he was innovative to think of a way to bet on it on Kalshi, who would have thought that it's possible, but he did it .

There will be more like this in the future; if a simple teleprompter can, why not on other sensitive posts in the White House and not only in the White House, but in other departments too; they just have to be innovative in hiding their crimes, or they will suffer like what happened to the teleprompter, he was a victim of his own greed that is why he was caught.

[pawanjain]

snip

President Donald Trump's longtime teleprompter operator is believed to have made tens of thousands of dollars by placing bets on more than a dozen of Trump's speeches on the prediction market Kalshi.

Gabriel Perez, a technical assistant to the president who has been operating Trump's teleprompter since 2016, is in talks with federal regulators to settle allegations he used his inside knowledge of the president's speeches to win more than $100 000. According to the sources, Kalshi alerted CFTC to the suspicious activity on its "Mentions" market, where users can bet on whether specific words, phrases or topics are uttered during a public speech. Trump called the alleged conduct a “disgrace.”

https://abcnews.com/US/white-house-teleprompter-operator-made-100k-betting-trumps/story?id=134764573

Apparently, people around Trump decided that if he can make money as president, then so can we.

Oh well, as long as he made money he was good but now that he is in the limelight there are chances that his funds might get seized.
Even if his funds are not seized, chances are that he will be under the radar and might get banned from gambling.
Matter of fact, what if he is terminated from his job as a teleprompter operator ?

[aioc]

Kalshi has become a place to make money from your profession, from the government, or from popular companies. This is not the first time it has happened, and it will not be the last.
Governments and companies should be aware that their employees can exploit their positions to monetize sensitive information, as happened with Trump.
They should do like Goldman Sachs and warn their employees from betting at the expense of their company.

[acroman08]

This wouldn't happen if the platform didn't allow bets on government or politics. If the guy is using insider information they should treat it like the SEC would and send the guy to prison for insider trading basically. Some lesson needs to be taught here.

If I remember correctly, the US soldier that was involved in the kidnapping of the Venezuelan president Maduro got arrested after it was found out that the soldier placed a bet on Polymarket that Maduro would be "arrested"(or something similar to that). If that soldier got arrested, Trump's teleprompter should also be arrested for what he did.

[Sim_card]

This is where the flaws in prediction market is, because there must always be an insider who will definitely use the inside information to make money for himself. I think betting on Trump speech or anything about what Trump will do is a no go area for me because it's clear that there will be an insider. Betting on bitcoin price and other good events is ok

[CryptSafe]

Obviously, it seems this prediction market favours government workers in disguise over the normal players in society. The government workers hold more information than the average citizens, so they act on it to make gains on the prediction markets which is unprofessional to start with. So far lots of government workers not just ordinary government officers higher ranked officers or those close to seat of power are being acught in the act and I believe there are still  many more of them doing this but with time, they will get caught also.

[robelneo]

Trump called the alleged conduct a “disgrace.” ....Apparently, people around Trump decided that if he can make money as president, then so can we.

I will be pissed off too if someone tried to make money out of my expense, what more with Trump, Kalshi has become a place for employees to exploit their companies and employers, and Kalshi did the right thing to report the person.

If they do not safeguard their platform from such users, more exploits are going to follow, and Kalshi will earn the wrath of the authorities. By reporting they want to be a credible platform that goes against abuse and exploitation.

[passwordnow]

Soon, prediction markets will start to ask for kyc so that they'll determine who are their bettors. But the decentralized part will be gone for the likes of polymarket. Although kalshi is regulated, this made it easy for people like this guy who took advantage of the insider. They'll have to keep on checking who their bettors are and maybe someone works for the government and will take that insider converted into money.

[Agbamoni]

The last sentence cracked me open. Yeah, if Trump can make money after allegedly interfering with the Bitcoin price through an announcement about tariffs and the stock market.

Prediction markets like Kalshi and Polymarket have decided not to solve the problem of proper regulation, so let them dont expect the manipulation to stop anytime soon.

[Zwei]

"Our surveillance team promptly flagged and referred these trades to the CFTC, and we are cooperating and assisting regulators," Kalshi's head of enforcement, Bobby DeNault, said in a statement provided to ABC News."

How did that happen? How did they catch him? Oh wait, he probably didn't lose a single bet... Imagine someone betting on these crazy markets and winning all the time? They don't even need to think twice about it, insider trading at its best...

he should at least have "traded" on polymarket with a VPN or some other platform... from all the prediction sites, he did it on Kalshi which has mandatory KYC, he didn't even attempt to make it hard for them to know who he is, lol

Soon, prediction markets will start to ask for kyc so that they'll determine who are their bettors.

they already do in the US, but that's not stopping anyone from insider trading, the money is just too sweet.

[justdimin]

Unfortunately, Trump's inner circle is full of individuals who effectively exploit their access to state secrets for personal enrichment. But how are they any different from Trump himself? Trump almost openly admits that his family uses inside information for personal gain. And Trump sees no shame in this; he only sees shame in an employee who, at their level, copies his earning style. I believe that if we more actively investigate Trump's inner circle, we could find many more insiders there than we currently have.

It is well known that he is a crook, and when you are a crook, you keep crooks around you. If this happened back in Obama times, this dude would be jailed, and nobody would attempt to do it because they would know that he would be in trouble.

So the reality is, when you are a shady scammer, then your friends are shady scammers, and your workers are shady scammers, and hell some of your voters are even fine with that. Hence, this isn't a shock, of course his teleprompter may have done something like this, because that's how the trump surrounding is filled with that kind of people.

[Odusko]

This is the reason why some one proposed that the prediction market should stop adding events that can be easily knows and taken advantage not through insider information,

Information like this cannot be 'easily' known, you'd have to be an insider who is closely working with the president. And you are not expected to use it for your advantage, so i don't think prediction markets would make changes, just yet.  

I see some people trying to rope Trump into this, but he is definitely not reponsible for how his close associates decide to use confidential inside information. I am sure insiders also found ways to benefit from things like these when other presidents were in power, maybe not through prediction markets, because they were not popular then, but in some other ways.

Predictions market like Polymarket and the rest will continue to suffer this from insider's player's who can use credible information to bet and win huge amount of money, until there is clear regulations around Predictions market and punishment outlined for those using classified information to bet, we have such law in the stock market and is a jailable offense.

[passwordnow]

Soon, prediction markets will start to ask for kyc so that they'll determine who are their bettors.

they already do in the US, but that's not stopping anyone from insider trading, the money is just too sweet.

That's true, I guess that no regard of any kind of verification or security checks will stop these people when they know that they earn big money from it. All they have to do is to bet in advance, sit, watch and relax for as long as they have the insider information.