Cantor Fitzgerald, a financial firm led by Howard Lutnick, who has been nominated by President-elect Donald Trump to head the Commerce Department, has agreed to pay a $6.75 million penalty to the U.S. Securities and Exchange Commission (SEC). The penalty is in response to allegations that the firm misled investors regarding two special purpose acquisition companies (SPACs) before their initial public offerings (IPOs). The SEC stated that Cantor Fitzgerald caused these SPACs to make misleading statements, violating securities laws. The settlement was reached without the firm admitting or denying liability. This case has drawn attention due to Lutnick's prominent role in the upcoming administration and the implications of the SEC's actions against a firm associated with a high-profile political figure.