Trump Commerce pick’s firm to pay millions for federal law violations

The U.S. Securities and Exchange Commission has charged a top financial services firm led by President-elect Donald Trump's nominee to become Secretary of Commerce with violating federal law, according to multiple reports.

Cantor Fitzgerald, led by its CEO and chairman Howard Lutnick, was charged by the SEC with "violating laws related to disclosures by so-called blank-check companies before they raise money from the public," CNBC reports. "The SEC said that Cantor agreed to settle the case...