Kalshi, founders face 14 criminal charges following Utah gambling probe

Utah has filed 14 criminal charges against prediction market operator Kalshi and its co-founders, accusing them of promoting illegal online gambling after an undercover investigator placed 12 sports wagers on the platform. Summary Utah filed 14 criminal charges against Kalshi and its co-founders over alleged illegal gambling. An undercover investigator placed 12 sports wagers totaling $114.87 and lost $25.10. The prosecution includes 13 felony counts and one misdemeanor involving alleged gambling promotion. Utah separately seeks up to $61.2 million in allegedly unlawful fees through its civil lawsuit. The CFTC has sued Utah, arguing that federal commodities law governs regulated prediction-market contracts. In criminal charges filed Wednesday, Utah prosecutors named KalshiEX LLC, CEO Tarek Mansour and co-founder Luana Lopes Lara, accusing them of violating state gambling laws through 12 sports wagers placed by an undercover investigator. The charges include 13 felonies and one misdemeanor. BREAKING: Utah has filed felony and misdemeanor criminal charges against prediction-market platform Kalshi and two of its top executives, Tarek Mansour and Luana Lopes Lara. https://t.co/04LN1shs...