Cantor to Pay SEC $6.75 Million for Alleged SPAC Lapses (1)

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 firm, led by Chief Executive Officer Howard Lutnick, controlled two special purpose acquisition companies in 2020 and 2021 that raised $750 million. The SPACs claimed in regulatory filings that they hadn’t had substantive talks with potential merger targets, the agency said in a statement on Thursday. In reality, the entities had already started negotiations with a small group of candidates, it said.

“This enforcement action reflects the straightforward proposition that any ...