SEC charges Cantor Fitzgerald, led by Trump's Commerce pick, with breaking securities laws

[Nevilledog]

https://www.cnbc.com/2024/12/12/sec-cantor-fitzgerald-charges-howard-lutnick-trump-commerce-spac-.html

WASHINGTON — The Securities and Exchange Commission on Thursday charged global financial services firm Cantor Fitzgerald with violating laws related to regulatory disclosures by so-called blank-check companies before they raise money from the public.

Cantor’s chairman and CEO, Howard Lutnick, was recently nominated by President-elect Donald Trump to lead the Commerce Department. Lutnick is co-chair of Trump’s transition team.

Cantor agreed to settle the SEC’s charges by agreeing to pay a $6.75 million civil penalty and agreeing to not violate the securities laws at issue in the case.

The firm did not admit or deny the charges, which relate to certain antifraud and proxy provisions of federal securities laws.

Cantor’s settlement echoes an $18 million settlement another blank-check firm, Digital World Acquisition Corp., agreed to pay to the SEC in July 2023 after being charged with fraud for failing to disclose to investors that DWAC had extensive merger discussions with Trump’s then-private social media company, Trump Media. DWAC merged with Trump Media earlier this year.

*snip*

[lindysalsagal]

1. Good!

[dweller]

2. Wut whoa

Not even 1/20/25 yet




✌🏻

[Baitball Blogger]

3. Wow!

[TBF]

4. No wonder Trump likes him -

another criminal to add to the fam.

[BattleRow]

8. How is this not conspiring to collude?

[A HERETIC I AM]

5. It bears remembering....

That Cantor Fitzgerald had offices that were directly impacted by American Airlines flight 11 which crashed into the North Tower of the World Trade Center on 9/11. 658 Cantor employees were killed when AA11 struck the north tower, representing the single largest death count of any organization that day.

One of Cantor’s main business lines is acting as one of the US Treasury’s ”Primary Dealers” and in that capacity, regularly participates in the Treasury Bond Auctions conducted by the New York branch of the Federal Reserve.

I mention this not for sympathy, but to give a bit of historical context of this company.

[BattleRow]

7. Cantor Fitzgerald rang the 911 bell for me immediately.

[John1956PA]

9. For me, as well. I recall the video of the CEO discussing the horrendous loss of life. n/t

[JMCKUSICK]

6. I'm shocked I tell you.....

[edhopper]

10. Will not stop

The Repukes from confirmation

[Old Crank]

11. Where is actual punishment?

The top of the company need jail time.
Pinky promises do nothing. Look at Wells Fargo a serial criminal.