White House teleprompter operator Gabriel Perez is under investigation by the Commodity Futures Trading Commission over allegations that he used advance access to President Donald Trump’s speeches to make more than $100,000 on Kalshi.
The investigation covers more than a dozen speech markets, where traders took positions on whether Trump would use specific words, phrases or topics. Perez has operated Trump’s teleprompter since the president’s first campaign and typically had final access to prepared remarks, including last-minute edits.
Kalshi identified the activity through customer information and market-surveillance systems, froze Perez’s account before more than $90,000 in profits could leave the platform and referred the trades to the CFTC. The exchange supplied regulators with evidence collected during its internal investigation.
The White House placed Perez on unpaid administrative leave after the allegations became public. Press secretary Karoline Leavitt later said he would no longer work at the White House. The CFTC declined to comment publicly.
Positions Covered More Than a Dozen Events
Investigators examined trades tied to Trump’s State of the Union address, a December primetime speech, January remarks at the World Economic Forum in Davos and a March Medal of Honor ceremony. The activity covered roughly three months.
Some positions were allegedly closed while Trump was still speaking. Perez exited certain contracts when the president skipped prepared language containing words he had backed, connecting the trades directly to changes visible through the teleprompter operation.
Perez sat for an interview with regulators and acknowledged some trades. The CFTC alerted federal prosecutors in Manhattan, who declined to open a criminal investigation. Settlement discussions have included returning the profits and restricting Perez from making similar trades.
Case Tests Kalshi’s Insider Controls
Kalshi’s market-integrity rules prohibit trading with material nonpublic information obtained through employment or taking positions when a user can influence a contract’s outcome.
The exchange expanded those controls in June with employment checks for sensitive contracts, market risk scoring and direct whistleblower tools. Kalshi had blocked more than 100 potential insider trades, opened more than 150 investigations and referred more than 20 cases to law enforcement during the first quarter.
The Perez investigation lands during a House Oversight review of Kalshi and Polymarket focused on identity checks, suspicious-trade monitoring and users with access to nonpublic government information.
No civil charge or settlement had been announced. Perez’s profits remained frozen on Kalshi while discussions with the CFTC continued.
