A regulated prediction market service has suspended and fined three political candidates who placed bets on their own election prospects.
Mark Moran, an independent candidate for the U.S. Senate in Virginia, Ezekiel Enriquez, a former Republican congressional candidate in Texas, and Matt Klein, a Minnesota Democrat state senator running for Congress, were found to have violated Kalshi’s platform rules by trading on their upcoming elections.
According to Kalshi, Moran made multiple bets on his own candidacy. He initially acknowledged the violation but ceased all communication with the company before being fined $6,229.30 and suspended for five years.
Enriquez had traded on his own election but was preemptively blocked by the platform. He cooperated with the investigation, paying a fine of $784.50 and accepting a five-year suspension.
Klein placed a small bet on his election outcome after learning about Kalshi’s platform in March 2026. He paid a penalty of $539.85 and agreed to a five-year suspension.
The Minnesotan had previously co-authored legislation aimed at banning prediction markets in his state.
Bobby DeNault, Kalshi’s head of enforcement and legal counsel, stated: “Just like in traditional financial markets, bad actors will try to cheat. Regulated exchanges must constantly evolve and adapt their systems to address insider threats.”
In a separate statement, Moran said: “We live in a country destroyed by vice, which Kalshi directly contributes to.” He added that if elected, he would levy a 25% vice tax on Kalshi to pay down the national debt.
Klein clarified his actions: “This was the only wager I have ever made on a predictions market. It was a mistake, and I apologize.”
