Trump Commerce Nominee's Firm Settles SEC Fraud Charges for $6.75 Million

Cantor Fitzgerald, led by Howard Lutnick, faced allegations of misleading investors in SPAC filings before IPOs.

The SEC charged Cantor Fitzgerald with violating securities laws by making misleading statements regarding SPAC merger discussions before their IPOs in 2020 and 2021.
Cantor Fitzgerald agreed to pay a $6.75 million civil penalty to settle the charges without admitting or denying the findings.
The charges involved two SPACs managed by Cantor that raised $750 million and later merged with View, Inc. and Satellogic, Inc.
Howard Lutnick, Cantor Fitzgerald's CEO and President-elect Donald Trump's pick for Secretary of Commerce, co-chaired Trump's transition team.
A Cantor spokesperson stated that no investors were harmed, and the firm pledged to comply with securities laws moving forward.