Former White House teleprompter fined $172,000 for insider betting on Trump speeches
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The Commodity Futures Trading Commission ordered ex-teleprompter Gabriel Perez to surrender $107,539 in profits and pay a $65,000 civil penalty after finding he used nonpublic information to place bets on a prediction market.
The U.S. Commodity Futures Trading Commission (CFTC) fined former White House teleprompter operator Gabriel Perez $172,000 after determining he used confidential information from his job to place wagers on the Kalshi prediction market. The agency said Perez profited $107,539 by betting on specific words or phrases President Donald Trump might use in speeches between December and February while he had advance access to the texts.
"Perez exploited material, nonpublic information that he gathered through his work for the president for his personal benefit," the CFTC said in a news release.
In addition to disgorging the illicit gains, Perez was assessed a $65,000 civil penalty, a reduced amount the agency attributed to his cooperation with investigators. He also agreed to a cease-and-desist order and received a three-year ban on trading in regulated markets.
Perez left the White House in early March after being placed on unpaid leave amid the investigation. The White House press secretary at the time called the allegations "deeply unfortunate and, frankly, a disgrace," though the agency did not specify whether he resigned or was terminated.
The case highlights growing regulatory scrutiny of online prediction markets, which allow users to bet on political and other public events. Recent prosecutions have involved a U.S. soldier accused of betting on a foreign leader’s removal and political candidates who wagered on their own elections. President Trump has publicly defended the industry, arguing that state regulation should be avoided and that the CFTC should oversee it.
The CFTC thanked Kalshi for its assistance in the investigation.