- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-12-13T19:00:00
Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission (SEC) for making misleading statements regarding two special purpose acquisition companies (SPACs) that it controlled.
SPACs are entities with no business operations that are formed for the purpose of buying companies through an initial public offering (IPO).
Between 2020-21, a team of executives at Cantor Fitzgerald controlled SPACs CF Finance Acquisition Corp. II and CF Acquisition Corp. V. Through an IPO, the two SPACs raise $750 million ahead of their eventual merger with View, Inc. and Satellogic, Inc. Before the IPO, however, the SPACs filed multiple disclosures with the SEC stating that they did not have contact or substantive discussions with the targeted companies. But the SEC found that Cantor Fitzgerald employees did have prior discussions with the companies, the agency alleged in a press release Thursday.
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