Kalsi ad at a bus stop in Washington, DC, March 19, 2026.
Daniel Heuer | Bloomberg | Getty Images
Prediction market platform Carsi announced Wednesday that it has suspended and fined three congressional candidates in Minnesota, Texas and Virginia for “political insider trading” in their campaigns.
Carsi said in a statement that all three candidates had been suspended for five years each, saying they had been “warned because of newly lifted safeguards designed to prevent political candidates from trading on their elections.”
The confirmed candidate was Mark Moran, who was a candidate in Virginia’s Democratic Senate Democratic primary before deciding to run for the seat as an independent. Minnesota State Senator Matt Kline is running in the Democratic primary for the state’s 2nd Congressional District. And Ezequiel Enriquez of Texas is running in the Republican primary for the state’s 21st Congressional District.
Mr. Kalsi identified the candidates by name in separate disciplinary notices.
Carsi said Moran “trades in two markets related to his campaign.”
“The first was the market for individuals running for office in 2026,” Carsi said. “This person traded himself in this market.”
“The trader then announced himself as a candidate in the Virginia Senate Democratic primary and again traded based on his candidacy,” the firm said.
Carsi said Moran initially acknowledged being a candidate and violating the rules when Carsi contacted him, but then stopped communicating with the company’s team. “Mr. Moran has repeatedly refused to resolve this matter through settlement,” the company said.
In addition to suspending Moran, Carsi also fined him $6,229.30, the company said.
In a statement on X, Moran said, “I knew this was going to happen (and I knew it wouldn’t be a Democratic nomination) and I traded myself $100 for attention highlighting how this company is destroying young people. And as a senator, I will go after Calci and impose a serious penalty on them – a 25% vice tax to pay off the national debt.”
“It’s also ironic timing given that Calci has to advertise on the Washington, D.C. subway that it’s a fair and legal gambling market. They know the heat, and the administrators are already picking winners in the polymarket… They know they’re stupid and trying to do the same thing as the tobacco companies,” Moran wrote.
The company said Klein and Enriquez cooperated with Carsi’s investigation.
Mr. Klein, who had made “small trades based on his election results,” also “admitted that his trading activity violated Calsi Exchange rules and agreed to a $539.85 fine and suspension,” the company said in a statement.
In a statement on X, Klein said he learned from a friend last October that there was a betting market for betting on major races.
“I had never bet on prediction markets before,” Klein said. “I was curious to see how it worked. I opened an account and bet $50 of my own money on winning the primary. In March 2026, I was informed that this was a violation of the platform’s rules. As per their request, I paid the penalty and agreed to the suspension. That was the only bet I ever made on a prediction market.”
“This was a mistake and I apologize,” Klein wrote.
He added, “My experience, like that of many other Minnesotans, shows that these types of markets need clearer rules and regulations.”
Carsi said Enriquez traded “slightly more” than Klein in his own campaign, amounting to less than $100. Carsi said Enriquez “fully cooperated with the investigation, admitted to violating the regulations, and agreed to a settlement by paying a $784.20 fine and accepting a suspension.”
Enriquez did not immediately respond to a request for comment.
Disclosure: CNBC and Kalsi have a commercial relationship that includes a minority investment in CNBC.
