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.

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.

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

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 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,

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.