Howard Lutnick

RepublicanSecretary of Commerce

Age	64 (b. 1961-07-14)
Gender	Male
In office since	2025-01-20 (~1 yrs)
Race / ethnicity	White; of Jewish descent
Religion	Jewish (of Jewish descent)
Education	Graduated from Jericho High School (Jericho, New York); B.A. in Economics from Haverford College, 1983
Prior occupation	Wall Street executive; Chairman and CEO of Cantor Fitzgerald (joined 1983, became President/CEO in 1991, Chairman in 1996); Chairman and CEO of BGC Group and Chairman of Newmark Group
Military service	No
Birthplace	Long Island, New York
Marital status	Married — Allison Lambert Lutnick
Children	4
Residence	New York City, New York (also a residence in Washington, D.C. purchased in 2024)
Notable relatives	Brother Gary Lutnick (died in the September 11, 2001 attacks at Cantor Fitzgerald); sister Edith 'Edie' Lutnick (co-founder/executive director of the Cantor Fitzgerald Relief Fund); son Brandon Lutnick (named successor chairman/CEO at Cantor Fitzgerald)

Wikipedia

Pending research: languages · openly lgbtq.

Career & politics

Leadership	United States Secretary of Commerce (41st), 2025-present
Party history	Lifelong Democrat before switching to the Republican Party; registered as a Republican in 2016. Donated to Hillary Clinton (2016) and Kamala Harris's Senate campaign, which he later attributed to his wife. Describes himself as a fiscal conservative and social liberal.
Ideology	Self-described 'fiscal conservative' and 'social liberal'; major 2024 Trump fundraiser and co-chair of the 2024 Trump-Vance transition team

Financial

Net worth: disclosed $806,000,000+ (2025) · estimate

Cantor Fitzgerald & Co.	business_owned · 2025
BGC Group, Inc.	business_owned · 2025
Newmark Group, Inc.	business_owned · 2025

Scandals & crimes ledger

settled — Cantor Fitzgerald SEC settlement over misleading SPAC disclosures ($6.75M) business

financial/corruption · · U.S. Securities and Exchange Commission · Cantor Fitzgerald, L.P. agreed to pay a $6.75 million civil penalty to settle SEC charges, without admitting or denying the allegations. Howard Lutnick was not named as a defendant.

This is a civil settlement against Cantor Fitzgerald, L.P., the financial firm Howard Lutnick chaired and led as CEO (is_business_entity=true). The SEC found that Cantor caused two of its sponsored blank-check companies (SPACs) to falsely deny, in regulatory filings before their IPOs, having had contact or substantive discussions with potential merger targets. The two SPACs raised $750 million from investors before merging with View Inc. and Satellogic. Cantor settled for a $6.75 million penalty without admitting or denying the findings; Lutnick was not personally a defendant.

Sources: CNBC · Bloomberg Law

settled — Cantor Fitzgerald SEC settlement over off-channel communications recordkeeping ($10M) business

financial/corruption · · U.S. Securities and Exchange Commission · Cantor Fitzgerald & Co. agreed to pay a $10 million penalty as part of a broader SEC enforcement action against 16 Wall Street firms; the firms collectively paid more than $1.1 billion.

This is a civil regulatory settlement against Cantor Fitzgerald & Co., the firm Howard Lutnick chaired and led as CEO (is_business_entity=true). On September 27, 2022, the SEC charged 15 broker-dealers and one affiliated investment adviser, including Cantor Fitzgerald, with widespread and longstanding failures to maintain and preserve electronic communications, with employees using personal devices/off-channel messaging for business. Cantor Fitzgerald agreed to a $10 million penalty. Lutnick was not personally charged.

Sources: U.S. Securities and Exchange Commission

settled — Cantor Fitzgerald SEC settlement over deficient blue sheet data ($3.2M) business

financial/corruption · · U.S. Securities and Exchange Commission · Cantor Fitzgerald admitted the SEC's findings, agreed to be censured, and agreed to pay a $3.2 million penalty.

This is a civil regulatory settlement against Cantor Fitzgerald, the firm Howard Lutnick chaired and led as CEO (is_business_entity=true). The SEC found that for nearly five years Cantor Fitzgerald made numerous deficient 'blue sheet' submissions containing missing or inaccurate data for approximately 35 million transactions, due to inadequate validation processes and undetected coding errors. Cantor admitted the findings, was censured, and paid a $3.2 million penalty. Lutnick was not personally charged.

Sources: U.S. Securities and Exchange Commission

resolved — CFTC Settlement: Cantor Fitzgerald Aiding and Abetting Unregistered Commodity Pool Fraud ($500,000) business

financial/corruption · 1994-05-26 · The CFTC found that Cantor Fitzgerald & Co., a registered futures commission merchant, aided and abetted fraud and registration violations by an unregistered commodity pool operator by allowing a trading account actually owned by the pool to be traded and carried in the name of another entity, and by assisting in the improper movement of approximately $950,000 in customer funds. Cantor agreed to a $500,000 civil penalty and to retain an independent consultant and outside auditor for two years to review compliance. · $500,000 civil penalty plus mandated independent compliance oversight for two years

In 1997 the CFTC settled charges that Cantor Fitzgerald aided an unregistered commodity pool operator's fraud in the mid-1990s, imposing a $500,000 penalty and two years of mandated independent compliance oversight; this predates and is unrelated to the CG Technology gambling/AML matter already on file.

Sources: U.S. Commodity Futures Trading Commission

resolved — SEC Settlement: Cantor Fitzgerald Off-Book Commission-Splitting Scheme ($1.25M) business

financial/corruption · 2002-01-01 · The SEC found that for roughly a decade, a former Cantor Fitzgerald global co-head of equities and two traders he supervised used personal checks to secretly split trading commissions on certain customer accounts, circumventing a 2002 internal decision denying the supervisor commissions on those accounts. The arrangement was concealed from Cantor's compliance department, customers, and regulators. The SEC found Cantor Fitzgerald, L.P. violated Exchange Act Section 17(a) and Rule 17a-3(a)(19) recordkeeping provisions for failing to detect and record the scheme; the firm consented to a cease-and-desist order, a censure, and a $1.25 million civil penalty without admitting or denying the findings. The SEC separately sued the two individual traders; one, Adam Mattessich, was later found liable by a jury in 2022. · Cease-and-desist order, censure, and $1.25 million penalty against Cantor Fitzgerald, L.P.; individual traders separately charged, one found liable at trial in 2022

Cantor Fitzgerald, the firm long chaired and controlled by Howard Lutnick, paid a $1.25 million SEC penalty in 2018 after regulators found a former supervisor and traders secretly split commissions via personal checks for years, evading the firm's compensation controls and recordkeeping rules.

Sources: Bloomberg · U.S. Securities and Exchange Commission

resolved — DOJ Non-Prosecution Agreement and FinCEN Penalty: CG Technology (Cantor Gaming Affiliate) Illegal Gambling and Money Laundering ($22.5M Total) business

criminal-other · 2009-01-01 · DOJ (USAO Eastern District of New York and District of Nevada); FinCEN · CG Technology (formerly Cantor Gaming), a Cantor Fitzgerald affiliate owned by Lutnick, entered a non-prosecution agreement with the DOJ accepting full responsibility, paid $16.5 million in criminal penalties and forfeiture, and separately paid FinCEN a $12 million civil penalty (partially offset) for systemic Bank Secrecy Act/AML violations. Total sanctions approximately $22.5 million. Lutnick was not personally charged.

CG Technology LP (formerly Cantor Gaming), Lutnick's Las Vegas sports betting affiliate, admitted to aiding and abetting an illegal gambling business and money laundering from approximately 2009 to 2013 by facilitating messenger betting through a scheme linked to illegal offshore bookmaking (the 'Jersey Boys' operation). FinCEN separately found 'egregious and systemic' BSA/AML violations including failure to file suspicious activity reports. The company entered a non-prosecution agreement with the DOJ, paid $16.5 million in penalties/forfeiture, and paid FinCEN $12 million (partially offset by the criminal payments). The company's former Director of Risk Management Michael Colbert pleaded guilty to conspiracy in 2013. Lutnick, though the principal owner and described as personally involved in operations, was not personally charged.

Sources: DOJ / USAO-EDNY · FinCEN · Casino.org

resolved — FINRA Sanction: Cantor Fitzgerald Selling Unregistered Microcap Shares and AML Failures ($7.3M) business

financial/corruption · 2011-03-01 · Financial Industry Regulatory Authority (FINRA) · Cantor Fitzgerald censured, fined $6 million, and ordered to disgorge approximately $1.285 million in commissions plus interest. Two individual executives also suspended and fined. Firm consented without admitting or denying findings.

FINRA found that Cantor Fitzgerald & Co. sold billions of shares of unregistered microcap securities for client accounts between March 2011 and September 2012 without adequate due diligence, and that the firm had inadequate supervisory procedures and anti-money laundering programs. FINRA sanctioned the firm $7.3 million total, including a $6 million fine and disgorgement of approximately $1.3 million in commissions.

Sources: FINRA · InvestmentNews

resolved — FINRA Sanction: Cantor Fitzgerald Regulation SHO Short-Selling Violations ($2M Fine) business

financial/corruption · 2013-01-01 · Financial Industry Regulatory Authority (FINRA) · Cantor Fitzgerald fined $2 million. Required to retain independent consultant for comprehensive policy review. Firm consented without admitting or denying findings.

FINRA found that Cantor Fitzgerald & Co. violated Regulation SHO short-sale rules for at least five years (2013–2017): the firm failed to timely close out at least 4,879 fail-to-deliver positions, routed short orders without first borrowing or arranging to borrow securities, and failed to supervise short-sale activity despite repeated compliance warnings. FINRA noted the same issues had been previously identified in 2011 and 2012.

Sources: FINRA · Compliance Week

resolved — Newmark Group Shareholder Derivative Suit Over $50M Bonus — Delaware Chancery Settlement

financial/corruption · 2017-01-01 · Delaware Court of Chancery · Settled. Lutnick retained the $50 million bonus; Newmark was reimbursed by insurance. Defendants denied wrongdoing. Court approved settlement and awarded $7.5 million in attorneys' fees.

Newmark Group shareholders filed a derivative lawsuit in Delaware Chancery Court alleging that the $50 million bonus awarded to Lutnick (tied to Newmark's acquisition of a Nasdaq trading platform stake in 2017) was a breach of fiduciary duty that did not benefit the company. Lutnick settled days before his Senate Commerce Secretary confirmation hearing. He kept the bonus, Newmark was made whole by insurance, and all defendants denied liability.

Sources: Bloomberg · The Real Deal · Bloomberg Law

resolved — BGC Partners Stockholder Derivative Suit Over $875M Berkeley Point Deal — Self-Dealing Claims Rejected

financial/corruption · 2017-01-01 · Pension-fund stockholders of BGC Partners sued Howard Lutnick, Cantor Fitzgerald, L.P. and CF Group Management, alleging Lutnick used his control over both BGC and a Cantor unit to cause BGC to overpay by roughly $300 million (with Cantor allegedly receiving up to $400 million in excess value) in a 2017 deal in which BGC bought Berkeley Point Financial LLC from a Cantor affiliate for $875 million plus a $100 million CMBS joint-venture investment, benefiting Lutnick personally because of his larger stake in the Cantor side of the deal. Following a five-day trial, the Delaware Court of Chancery ruled entirely in defendants' favor on August 19, 2022, finding the transaction "entirely fair" to BGC shareholders, though the court found Lutnick was personally incentivized to see BGC overpay and that his involvement "marred" aspects of the negotiation process. The Delaware Supreme Court affirmed the ruling on August 10, 2023, rejecting the self-dealing claims. · Judgment entered for defendants after trial; affirmed on appeal by the Delaware Supreme Court

Stockholders accused Howard Lutnick of self-dealing in a $875 million related-party transaction between Cantor Fitzgerald and BGC Partners; after a full trial the Delaware Court of Chancery ruled the deal was entirely fair and cleared Lutnick and Cantor of the self-dealing claims, a decision the Delaware Supreme Court affirmed in 2023, though both courts noted Lutnick's involvement marred aspects of the deal process.

Sources: Bloomberg Law · Latham & Watkins · Fried Frank

resolved — FINRA Sanction: Cantor Fitzgerald Regulation M Syndicate Notification Failures ($73,000 of $225,000 combined) business

financial/corruption · 2017-02-01 · FINRA found that between September 2017 and January 2022, Cantor Fitzgerald violated Regulation M Rule 104 and FINRA Rule 2010 in 12 instances by filing untimely notices of intent to engage in syndicate covering transactions, and separately violated FINRA Rules 5190 and 2010 in 75 instances by filing untimely or inaccurate notifications tied to securities distributions subject to Regulation M (one notice filed over 1,000 days late). FINRA further found that from at least February 2017 to May 2024 Cantor failed to maintain a supervisory system reasonably designed to ensure compliance with these notification rules. The matter was settled alongside parallel Nasdaq and NYSE Arca actions for a combined $225,000, of which $73,000 was payable to FINRA. · Censure and combined $225,000 fine across FINRA, Nasdaq and NYSE Arca ($73,000 to FINRA)

Cantor Fitzgerald settled findings in mid-2025 that it repeatedly filed late or inaccurate Regulation M notifications over several years and lacked adequate supervisory procedures to prevent the failures, paying a combined $225,000 to FINRA, Nasdaq and NYSE Arca.

Sources: FX News Group · LeapRate · FINRA

resolved — FINRA Sanction: Cantor Fitzgerald Best Execution and Order-Flow Disclosure Failures ($100,000 + Restitution) business

financial/corruption · 2017-07-01 · FINRA found that from July 2017 through May 2019, Cantor Fitzgerald failed to provide best execution on 2,395 customer orders in OTC securities received from other broker-dealers, and that in January 2020 the firm's required Regulation NMS quarterly order-handling report for Q4 2019 failed to disclose material aspects of its payment-for-order-flow and profit-sharing relationship with an execution venue. FINRA also cited deficient supervisory procedures. Cantor was censured, fined $100,000, and ordered to pay more than $51,000 in restitution plus interest to affected customers. · Censure, $100,000 fine, and approximately $51,214 in customer restitution plus interest

Cantor Fitzgerald settled with FINRA in 2023 over failures to provide best execution on thousands of OTC customer orders and for omitting required disclosures about a payment-for-order-flow arrangement in a regulatory report.

Sources: Compliance Week · GRC Report

resolved — FINRA Sanction: Cantor Fitzgerald Short Interest Reporting Violations ($250,000) business

financial/corruption · 2018-01-12 · FINRA found that between January 12 and July 13, 2018, Cantor Fitzgerald erroneously and duplicatively reported short interest positions that were already being reported by its clearing firm, resulting in the firm reporting 25,434 short positions totaling 65.71 million shares when it should have reported only 743 positions totaling 10.5 million shares. FINRA also found the firm lacked adequate supervisory procedures under FINRA Rule 4560 to prevent the inaccurate reporting. Cantor was censured and fined $250,000; it corrected its procedures after being notified. · Censure and $250,000 fine

Cantor Fitzgerald was fined $250,000 by FINRA in 2021 for massively over-reporting short interest positions due to duplicative reporting already handled by its clearing firm, combined with inadequate supervisory procedures.

Sources: FX News Group

resolved — FINRA Sanction: Cantor Fitzgerald OTC Supervision Failures (~$151,000) business

financial/corruption · 2019-01-01 · FINRA ordered Cantor Fitzgerald to pay over $151,000 to settle findings of supervisory lapses concerning over-the-counter securities trading activity. The firm agreed to the settlement without a contested proceeding. · Settlement requiring payment of over $151,000

Cantor Fitzgerald agreed to pay FINRA over $151,000 in 2024 to resolve findings of inadequate supervision of OTC securities trading.

Sources: Compliance Week

resolved — SEC Fine: Cantor Fitzgerald Large Trader Reporting Failures ($1.4M) business

financial/corruption · 2019-08-09 · U.S. Securities and Exchange Commission · Cantor Fitzgerald paid $1.4 million penalty. Settled without admitting or denying charges.

The SEC found that Cantor Fitzgerald & Co. repeatedly failed to identify and report more than 100 customers who qualified as 'large traders' under SEC Rule 13h-1 from August 2019 through May 2023. Large traders are participants with transactions exceeding $20 million per day or $200 million per month. Cantor paid $1.4 million to resolve the charges.

Sources: Bloomberg · ProActive Investors

resolved — View Inc. SPAC Securities Class Action Settlement (Lutnick Named Defendant, $12M)

financial/corruption · 2021-01-01 · U.S. District Court (securities class action) · Lutnick and Cantor Fitzgerald agreed to pay approximately $12 million to settle investor class action alleging false and misleading statements in connection with View Inc.'s SPAC merger. Court approved settlement. Defendants denied wrongdoing.

Investors sued Howard Lutnick personally and Cantor Fitzgerald in connection with the SPAC merger with View Inc. (smart windows), alleging defendants made false and misleading statements in financial disclosures and proxy materials, including understating window warranty accruals. Lutnick and Cantor agreed to pay approximately $12 million (some filings report $11 million from this tranche) to resolve the class action. Court approved the settlement.

Sources: Bloomberg Law · Bloomberg Law