CandleFocus Tether-linked Cantor Fitzgerald pays $6.75 million SEC penalty
2024-12-13
Author: Content Editor
Cantor Fitzgerald, a Tether-linked broker, has agreed to pay a $6.75 million penalty to the Securities and Exchange Commission (SEC) after being charged with making misleading statements to investors regarding two special purpose acquisition companies (SPACs) it controlled. The SEC alleged that Cantor Fitzgerald had substantive discussions with potential merger targets despite claiming otherwise in public filings. Cantor Fitzgerald used its SPACs to raise $750 million before merging with View, Inc. and Satellogic Inc. The company denied any harm to investors and stated it was pleased to have resolved the matter with the SEC. Cantor Fitzgerald's CEO, Howard Lutnick, currently serves in Donald Trump's Commerce Department and was hired as co-chair for Trump's transitional team. The company also acquired a 5% stake in Tether worth up to $600 million and holds the majority of Tether's assets in exchange for fees.
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