SPAC Backed By Indicted Ex-Trump Adviser Pulls IPO Plans

By Benjamin Horney (July 23, 2021, 5:00 PM EDT) -- Special purpose acquisition company Falcon Peak withdrew initial public offering plans Friday after one of its backers, an adviser to former President Donald Trump, was indicted earlier in the week.

News of Falcon Peak Acquisition Corp.'s IPO withdrawal came after Thomas J. Barrack Jr. and two others were criminally charged July 20 with acting as, and with conspiring to act as, agents of the United Arab Emirates between April 2016 and April 2018. Barrack served as an adviser to the former president and is listed as one of two directors of the SPAC.

Barrack, a longtime friend of Trump's who also chaired...

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