Without admitting or denying the findings, Wealthfront agreed to pay a $250,000 penalty. Hedgeable agreed to an $80,000 penalty, also without admitting or denying the agency's findings.
(Bloomberg) –The U.S. Securities and Exchange Commission filed its first-ever enforcement actions against robo-advisers, accusing Wealthfront Advisers and another firm of making false statements about investment products and publishing misleading advertisements.
Wealthfront, a robo-adviser with more than $11 billion in client assets under management, made false statements over a three-year period about a tax-loss harvesting strategy it offered to clients, the SEC said in a statement Friday.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
