White House suspends teleprompter operator Gabriel Perez after he bet on Trump's speeches using advance access, earning over $100,000
Gabriel Perez, who operated Donald Trump's teleprompter since 2016, is under CFTC investigation after Kalshi flagged suspicious trades on mention markets tied to the president's addresses, including the State of the Union.
The insider betting scheme
Gabriel Perez, who operated President Donald Trump's teleprompter since 2016, used his advance access to speech texts to place bets on Kalshi's mention markets. These contracts allow users to wager on whether a specific word or phrase will be spoken during a public event. Perez bet on Trump's addresses at the World Economic Forum in Davos in January and the State of the Union in February, among other appearances, according to ABC News. He earned more than $100,000 from the trades, multiple outlets reported. The bets were placed on words, phrases, or topics that Perez knew would appear because he loaded them into the teleprompter.
Detection and referral
Kalshi's internal surveillance systems flagged the suspicious trading activity in March. The company's head of enforcement, Robert DeNault, said the team promptly flagged and referred the trades to the CFTC after an exchange investigation. Kalshi froze Perez's account before he could withdraw the profits, which amounted to over $90,000 still on the platform. The company also interviewed the trader and received reports from market makers about potential irregularities through its whistleblower channels. On the day of Trump's July 16 speech, over $800,000 was wagered on whether he would say terms like "Hormuz", "rigged election", or "fake news", NPR reported. Kalshi had announced in June that it would require employment disclosures for users trading on sensitive contracts and launch a whistleblower portal, steps aimed at aligning with regulatory expectations.
- Perez bets on Trump's Davos speech
- Perez bets on State of the Union address
- Kalshi surveillance flags unusual mention-market trades
- White House suspends Perez without pay; CFTC investigation ongoing
White House response
White House press secretary Karoline Leavitt confirmed on Thursday that Perez had been placed on unpaid leave and would no longer work at the White House. She said President Trump was aware of the matter and found it "really regrettable and, honestly, a shame."
The White House has very strict ethical guidelines that explicitly say you can't do that.
The president had previously praised Perez's teleprompter operation as "excellent" during a 2024 speech, according to NPR.
Regulatory and ethical context
The Commodity Futures Trading Commission is investigating, though a spokesperson said the agency cannot confirm or deny an investigation. Perez is fully cooperating, sources told Reuters. Authorities have offered Perez a settlement proposal, according to NRC. The case highlights the regulatory scrutiny facing prediction markets like Kalshi and Polymarket, which have drawn concerns over insider trading risks, especially in mention markets. Kalshi is regulated by the CFTC as a derivatives exchange, while Polymarket is not permitted in the U.S. The platforms have faced criticism after other suspicious bets: accounts earned about $1.2 million betting on the timing of U.S. military operations against Iran, and a soldier was charged in April with using secret knowledge to earn over $400,000 on Polymarket by betting on the arrest of Venezuelan leader Nicolás Maduro. Manhattan federal prosecutors declined to open a criminal case against Perez, ABC reported.
