Official U.S. Senate confirmation records

Cantor Fitzgerald, Led by Trump's Commerce Pick, to Pay $6.75M Penalty for Misleading SPAC Disclosures

Dec 13, 2024, 12:00 AM

Cantor Fitzgerald, led by Howard Lutnick, who is also co-chair of Donald Trump's transition team and has been nominated for Commerce Secretary, has agreed to pay a $6.75 million penalty to settle charges brought by the U.S. Securities and Exchange Commission (SEC) for misleading investors regarding two Special Purpose Acquisition Companies (SPACs) before their stock market debuts. The two SPACs, controlled by Cantor executives, raised $750 million from investors before merging with View Inc. and Satellogic. While the firm did not admit or deny the charges, it claims no investor was harmed by the alleged issues.