Howard Lutnick's Cantor Fitzgerald settles SEC fraud claim
SalonThe 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. Cantor’s CEO, Howard Lutnick, is President-elect Donald Trump’s nominee for commerce secretary and co-chair of the Trump transition team. According to the SEC, two Cantor-managed shell corporations misled investors in SEC filings to believe that they had no contact with any potential merger targets, despite having actually had identified target private companies and discussed with them prior to the filings. Related Trump picks hedge fund billionaire Bissent to run Treasury “Cantor Fitzgerald misled investors about a critical investment consideration by repeatedly stating in public filings that it had not identified or approached any potential merger targets, despite having had substantive discussions with several private companies regarding a potential merger, including with the companies with which its eventually merged," said Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement.
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