Commerce Secretary Howard Lutnick's sons could be making 3 to 5x returns on every dollar they spent buying tariff refund rights.

Cantor Fitzgerald, now run by Lutnick's sons Brandon and Kyle, was buying tariff refund claims from companies at 20 to 30 cents on the dollar.

The firm told clients it had "capacity to trade up to several hundred million" in these claims.

They confirmed at least one $10 million trade was already executed as of July 2025. They said they expected that number to "balloon in the coming weeks." That was 9 months ago.

Today those claims are worth 100 cents on the dollar. The refund portal is live, $166 billion in refunds are being processed.

If Cantor bought $100 million in refund rights at 25 cents on the dollar, they spent $25 million.

They now collect $100 million from the government. That is a $75 million profit. A 300% return.

If they scaled to "several hundred million" as they told clients they could, the profits run into the hundreds of millions.

Howard Lutnick was the architect of the tariff policy.

He pushed Trump to impose them. He fought against officials who wanted to limit them. Then he left Cantor Fitzgerald to his sons and transferred his equity into a trust benefiting them.

Tax free under government ethics rules. He received $360 million from the buyout.

His sons positioned the firm to profit from the exact policy their father built.

Their father publicly championed tariffs he knew could be struck down while his sons were buying refund claims betting they would be.