WH teleprompt operator ordered to pay $172k

[Samlucky O]

Sometimes I just wounder how someone will want to cheat the system knowing that any wining that is not understood will call for investigation, and if such person is found guilty he will pay the penalty.  I guess he got what he deserves for cheating the prediction market, atleast this will make others to learn how to gamble fairly and not cheating the system. But the prediction market should expect more of this because betting like this type will definitely warrant an insider. I think that predictions like who to win in election, or when when war is expected to end and all those prediction should be removed because anything that involves government can be leaked by an insider thereby cheating the market, and this will make the market not to trust any person that win a huge amount, it will lead to investigation of anyone who win big even if they are not an insider.

[KiaKia]

So the guy who was fixing Trump's teleprompter was ordered to pay a hefty fine due to betting on prediction markets with insider knowledge on what trump would say.

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

https://www.nbcnews.com/politics/white-house/trump-teleprompter-operator-ordered-pay-172k-prediction-bets-kalshi-rcna594976

If I am one of them I would keep taking the risk because in the end if I am caught I would pay that hefty fine and move on, the truth is hefty fine isn't enough to put an end to this mess.

Someone who have made insane amount of money from prediction market will be able to pay hefty amount if they are caught, that's not a punishment for this.

Even if one is caught they will gladly stay in the game using someone's else identity to make money from prediction market, they will stay in the shadows and keep pulling the strings.

[Yorubek]

Sometimes I just wounder how someone will want to cheat the system knowing that any wining that is not understood will call for investigation, and if such person is found guilty he will pay the penalty.  I guess he got what he deserves for cheating the prediction market, atleast this will make others to learn how to gamble fairly and not cheating the system. But the prediction market should expect more of this because betting like this type will definitely warrant an insider. I think that predictions like who to win in election, or when when war is expected to end and all those prediction should be removed because anything that involves government can be leaked by an insider thereby cheating the market, and this will make the market not to trust any person that win a huge amount, it will lead to investigation of anyone who win big even if they are not an insider.

You are right, but if the prediction market does not make the security system stronger, it may face bigger problems in the future, but it is true that it is never possible for a common person to commit such a big crime, the man has abused his power. People are very greedy they can get involved in all kinds of crimes to get rich quick. The punishment he received for his crime was definitely appropriate, so that others would be afraid to think about such crimes. I think the man is very stupid because of which he committed such a big crime, he may have thought that his crime would never come to light, he will easily commit crimes and lead a free life, but his dream did not come true.

[Rockstarguy]

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

https://www.nbcnews.com/politics/white-house/trump-teleprompter-operator-ordered-pay-172k-prediction-bets-kalshi-rcna594976

I think prediction markets can learn a good lesson from this experience to strengthen prediction markets to monitor predictions that are not genuine. When an insider gets information like this, I'm sure they predict with a huge amount, knowing fully well what the result would be like, and with such predictions, the prediction market can detect if the prediction is genuine or not.

The truth is that an insider can take advantage like this, but an experience like this will help prediction markets understand how they can handle situations like this in the future.

[YOSHIE]

Do you think this will have an impact on prediction markets?

Wow, I thought the case of the former teleprompter operator was over, as far as I know the former White House employee has been terminated and without salary payment.

But now I see again that the White House teleprompter operator had to pay a nominal fine as OP said, a total of $172,539 in fines, for me Perez deserves all of that, This means that in this case it will certainly have a positive impact on the prediction site, meaning that in the future there will be no people betting on truly clean prediction sites.

I think after Trump deactivated the teleprompter operators it was over, in fact there was no fine with the profits he made while making illegal bets, actually impoverished the teleprompter operator in an instant, absolutely behavior that no one should be allowed to indulge in, let alone a White House employee.

[Floxynice]

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

https://www.nbcnews.com/politics/white-house/trump-teleprompter-operator-ordered-pay-172k-prediction-bets-kalshi-rcna594976

I think prediction markets can learn a good lesson from this experience to strengthen prediction markets to monitor predictions that are not genuine. When an insider gets information like this, I'm sure they predict with a huge amount, knowing fully well what the result would be like, and with such predictions, the prediction market can detect if the prediction is genuine or not.

The truth is that an insider can take advantage like this, but an experience like this will help prediction markets understand how they can handle situations like this in the future.

When it is about politics, I doubt that insider information can be completely eliminated. No matter the punishment that is given to offenders all for this same act, people will still trade insider information. This is not the first time that I am reading news about individuals punished for same act and prediction markets that have faced their own share of the punishment, all for thesame offence.

I am suggesting that it is time that the government makes the prediction markets to remove some betting options from their list. For example, when it comes to politics, some topics should be restricted. They can also apply thesame rule to other sectors that have high possibility of having more people leak insider information.

[CryptoHeadlineNews]

So the guy who was fixing Trump's teleprompter was ordered to pay a hefty fine due to betting on prediction markets with insider knowledge on what trump would say.

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

https://www.nbcnews.com/politics/white-house/trump-teleprompter-operator-ordered-pay-172k-prediction-bets-kalshi-rcna594976

I can remember when this news was made public on July 16th this year about how he made over $90k on gambling on president Trump's speech, but I'm actually surprised to know that the actual profit he made was $107,539 in total. And however, I think his punishment to pay $172k is still not a bad one at all, because such punishment will definitely discourage whoever works with confidential secrets to not gamble with it, just as Perez did. So in a nutshell, I'm very okay with this judgement, inasmuch as he won't be given life imprisonment or put behind bar for years.

[Hatchy]

So the guy who was fixing Trump's teleprompter was ordered to pay a hefty fine due to betting on prediction markets with insider knowledge on what trump would say.

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

https://www.nbcnews.com/politics/white-house/trump-teleprompter-operator-ordered-pay-172k-prediction-bets-kalshi-rcna594976

The prediction market is actually full with these kinds of manipulations. I've said it before that if they don't find a way to properly regulate it, I don't expect anything to change.
in a market where people can bet on anything what else should they expect? It's going to be regular to see such call from the authorities about insider's being caught slipping information out. Some might not even bet on them, they could give out these informations to other people who will cash out and send them their own share off the books. Can't really say what they are doing to resolve all these but simply putting a fine on one man doesn't stop the rest of em from doing same..

[Fiatless]

Okay, so he is paying the fine but will not be jailed for this violation? That sounds too easy.

What if he actually won much more than what was discovered? He could have also shared that inside information with other people and they could have made money from it too.

Imagine if he made around $500k from this and only paid less than $100k in fines. He would still be up around $400k, and if he also keeps his job then the punishment does not really look that serious. If penalties are too small compared to the possible profit, then it may not be enough to stop people from doing the same thing again.

Based on the investigation and reports, he made close to $107,539.02. But he was ordered to pay a civil penalty of $65,000. So he is technically losing all the money he made from his insider information in Kalshi. He has lost his job and destroyed his reputation.

Gabriel Perez is just a scapegoat or a sacrificial lamb. His case was used to give the government a good name. I believe that there are bigger insider bettors within the inner circle of the White House.

[xenomorfo]

This reminds me of people who were betting on the devaluation rate of the Argentinian peso on prediction markets, using privileged information. People initially assumed those inside traders/bettors were making fortunes effortlessly, when in reality liquidity on those markets and participation is so low, that they were supposed to use a big amount of money and repeatedly engage in trades in order to see some significant profit...

Regardless of the country though, one hundred thousand dollars is quite a good sum to get by doing basically nothing.

this is not making bets, this is cheating, so if you approach those platforms you should know and be aware that it is full of people who take advantage of the first-hand information they have to scam you into a fake bet and steal your money.

[Nathrixxx]

So the guy who was fixing Trump's teleprompter was ordered to pay a hefty fine due to betting on prediction markets with insider knowledge on what trump would say.

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

https://www.nbcnews.com/politics/white-house/trump-teleprompter-operator-ordered-pay-172k-prediction-bets-kalshi-rcna594976

This decision will only motivate those that already keep to playing prediction market but does not really change anything because at the end of the day people will still go for prediction market, it does not cost them anything, I don't think people will still drop from how they admire going for prediction market, the Swift respons they made will give me people more confidence in seeing prediction market more reliable for them to trust on the process in their own thinking anyway.

[$crypto$]

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

Impact on the prediction market significantly does not, because even though we see a lot of manipulation of people in the betting market still get a large volume every year, meaning many bettors are no longer concerned with this kind of news.

Today some government people are being arrested for getting information and then taking advantage of it, and I think in the next few months it is likely that this will happen again.

There are hundreds or thousands of people in continuously utilizing the prediction market.

[Cantsay]

So the guy who was fixing Trump's teleprompter was ordered to pay a hefty fine due to betting on prediction markets with insider knowledge on what trump would say.

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

https://www.nbcnews.com/politics/white-house/trump-teleprompter-operator-ordered-pay-172k-prediction-bets-kalshi-rcna594976

It might just be that they did it to try to show others who might be involved or who might be having the thoughts of also using some privileged knowledge or information to place a bet on the prediction market.

I don't know what impact it is going to have, but I do have some doubts that it is not going to have any significant impact because just a single case won't be enough to shake those who are actively making tons of money with insider information from these prediction markets but then, if they are abe to go full ofrce and get more people then it might be able to actually scare them.

[leea-1334]

Okay, so he is paying the fine but will not be jailed for this violation? That sounds too easy.

You know what they say about white collar and financlal crime,,, crime actually does pay!

I see it all too often, either people do not even face charges or when they do, they pay a fine. Look at Chelsea and Manchester City. Do you think they care to pay fines when they can break rules to win trophies?

Too easy like you say but this is the way our people behave. Steal food because you are hungry = jail or lose your hand. Steal people's money from a loophope in banking or finance, and you pay a fine  

[Grace333]

So the guy who was fixing Trump's teleprompter was ordered to pay a hefty fine due to betting on prediction markets with insider knowledge on what trump would say.

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

https://www.nbcnews.com/politics/white-house/trump-teleprompter-operator-ordered-pay-172k-prediction-bets-kalshi-rcna594976

It a good decision for a defaulter to be ordered to pay a huge amount of money for using inside information to bet. This act will send a huge wage of information across to the other bettors who think inside information is the deal breaker for their gamble wins. Prediction market is filled with manipulations and sometimes it's just too difficult to make a trace of where the lick is coming from because of how many persons are involved, I just hope people learn from this lesson and change their ways to a more genuine approach to betting.

[Swordsoffreedom]

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

ruling was not issued quickly as it was part of an ongoing investigation.

“A Kalshi surveillance investigation caught a White House staffer engaging in prohibited trading activity. Today this individual was subjected to penalties by the CFTC and by our exchange,” Bobby DeNault, Kalshi’s lead lawyer, said in a post on X.

penalty was not severe it was limited to the disgorgement of $107,539.02 in profits, a $65,000 civil penalty, and a three-year trading ban. Selling the data would have yielded higher profits.

Problem is that Perez, through his official duties, saw Trump's speech in advance and traded using that material non public information. So, information advantage of ordinary trader and insiders is very visible.

What is interesting to me is that Kalshi's surveillance system itself detected unusual trading and froze that account and later provided evidence to CFTC. This shows that the risk of insider trading in prediction market is gradually increasing. But at the same time, market operator and regulator are detecting and enforcing it.

[Floxynice]

So the guy who was fixing Trump's teleprompter was ordered to pay a hefty fine due to betting on prediction markets with insider knowledge on what trump would say.

Do you think this will have an impact on prediction markets? First of all they are treated like betting and secondly the authorities were so swift to issue such judgment. Maybe it's just to throw the book at this guy to show they're doing something though. What do you think?

https://www.nbcnews.com/politics/white-house/trump-teleprompter-operator-ordered-pay-172k-prediction-bets-kalshi-rcna594976

It a good decision for a defaulter to be ordered to pay a huge amount of money for using inside information to bet. This act will send a huge wage of information across to the other bettors who think inside information is the deal breaker for their gamble wins. Prediction market is filled with manipulations and sometimes it's just too difficult to make a trace of where the lick is coming from because of how many persons are involved, I just hope people learn from this lesson and change their ways to a more genuine approach to betting.

I can definitely not be the only one who thinks that the punishment given to him is too mild for his kind of offence. Others have had to face jail terms and in addition, paid fines. All of these is just to discourage people from leaking insider information to prediction markets. But it is quite obvious that people never learn. They should make the punishment more severe to scare people from trading insider information.

[Orpichukwu]

This is not one of those cases where they fine the person to pay something less than what they benefited from in the market; at least the decision is somehow fair, but it could have been more fair if they locked him up and allowed him to serve a few months behind bars and not just a bail-out with penalties, payment and refund of the money earned, which I don’t even understand if the return is going back to Kalashi or the regulators in charge of anything that has to do with trading.

Discourage others you say?  Remember this kinda stuff is what involves millions of dollars and who knows if there are more people in the picture that aren't being uncovered yet.

It’s not a matter of if there are others; there are a lot of them out there. It's only the ones which are caught that we know about, and those who know how to hide themselves from being traced know exactly how to escape until the very day they will make a mistake that will give them out.

[Maslate]

Wasn't this the norm in prediction markets? Everything is manipulated

I don't know why they should file a lawsuit against someone who just used his work to take advantage of the market. So we can also fine those who are working in assets and commodities or, worse, the owners of the companies who are making gold and producing oil because they are betting on their commodities in the live market.

IMO, it sounds unfair, but I think a warning should suffice, and giving back the money is enough instead of paying more due to a civil penalty. It's his job, of course; the temptation will be there.

You're right, everything is manipulated. But I think they found this as a opportunity for them to file a lawsuit to Perez and show to the audience that if any violation happens, the prediction market itself will definitely make a move. But we don't know really if they are being fair to everyone, since I believe there are more events like this that they chose to keep secret because someone inside is profiting too.

However, whether asking for penalty or just returning the money alone does not matter, but things like this do not happen when there is no mutual agreement between the bettor and the person inside that is helping him. Both should be given proper sanction, not just the bettor.