"That potential conflict of interest raises some troubling questions of federal ethics and insider trading. Was the Lutnick family's cornering of the market in this doomed endeavor a mere coincidence or something more orchestrated?"
"The letter cited reporting from Wired from July 2025, which said internal documents revealed the firm not only had the capacity to trade up to several hundred million of these presently and can likely upsize that in the future to meet potential demand but it has already put through a trade representing about $10 million of IEEPA rights."
"Cantor Fitzgerald has never executed any transactions or taken any position on tariffs refund claims. In July 2025, certain Cantor salespeople explored brokering tariff trades, but Cantor never executed any transactions."
Rep. Jamie Raskin, ranking member of the House Judiciary Committee, sent a letter demanding investigation into Cantor Fitzgerald for allegedly purchasing tariff refund rights from U.S. companies at fractions of their actual value. The firm's chair Brandon Lutnick replaced his father Howard Lutnick, who joined President Trump's cabinet as Commerce Secretary. Howard Lutnick was an early tariff advocate. Internal documents revealed Cantor Fitzgerald had capacity to trade hundreds of millions in tariff refund rights and had already executed approximately $10 million in trades. Raskin questioned whether the Lutnicks' market dominance in this practice represented a conflict of interest and potential insider trading, given their access to nonpublic information. Cantor Fitzgerald denied executing any tariff refund transactions, claiming salespeople only explored brokering opportunities.
Read at Fortune
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