Cantor Fitzgerald CEO Howard Lutnick is co-chair of the transition team for Donald Trump. The SEC says his firm caused two SPACs to make false statements.

Wall Street brokerage Cantor Fitzgerald has agreed to pay a $6.75-million penalty to settle Securities and Exchange Commission charges that it misled investors in blank-check companies it controlled,

Cantor Fitzgerald, the brokerage led by Donald Trump’s commerce secretary nominee Howard Lutnick, has been sued by the US Securities and Exchange Commission for allegedly making misleading statements to investors in the lead-up to two public offerings that raised $750mn.

The investment giant caused two SPACs it controlled to make inaccurate statements to investors about merger discussions, according to the federal regulator.

Since the SPAC boom went bust in 2022, Cantor Fitzgerald has remained a top player as a banker to the industry. The bank has been credited with $3.2 billion of deals, placing it ahead of bulge bracket banks such as JPMorgan Chase & Co. and Morgan Stanley, data compiled by Bloomberg show.

The company's CEO, Howard Lutnick, has been nominated to serve as commerce secretary under President-elect Donald Trump

The U.S. Securities & Exchange Commission on Thursday charged Cantor Fitzgerald with lying to SPAC investors, and said that the Wall Street firm had agreed to pay a $6.75 million civil penalty. Why it matters: Cantor Fitzgerald is led by Howard Lutnick,

Cantor Fitzgerald LP agreed to pay $6.75 million to settle US Securities and Exchange allegations that it misled investors in two blank-check firms before their stock-market debuts.

The Securities and Exchange Commission on Thursday charged finance/brokerage firm Cantor Fitzgerald with fraud over making misleading disclosures in SEC filings, leading to the company paying a $6.75 million settlement without admitting or denying the charges.