👀SEC fines Cantor Fitzgerald $6.75 million for misleading statements related to SPAC

The U.S. Securities and Exchange Commission (SEC) has imposed a fine of $6.75 million on Cantor Fitzgerald – the primary custodian of Tether. The reason stems from misleading statements made to investors in two SPAC projects that raised a total of $750 million.

Sanjay Wadhwa, Acting Director of the SEC's Enforcement Division, revealed that although Cantor Fitzgerald denied participating in merger negotiations in public filings, in reality, the company was conducting significant merger discussions with several private firms. This discrepancy between statement and action is the reason behind the penalty from the SEC.

The SEC's decision serves not only as a lesson for Cantor Fitzgerald but also as a strong warning to financial institutions. In the context of increasing attention on SPACs, a lack of transparency and honesty in communication with investors not only erodes trust but can also lead to serious consequences. #SEC #SPAC #Write2Earn!