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SEC Cracks Down on Robo-Advisers
The SEC has fined Wealthfront Advisors $250,000 and Hedgeable $80,000 after alleging that the two robo-advisers made misleading statements. So reports Reuters.
The regulator said Wealthfront made incorrect statements about its tax loss harvesting program and that it failed to disclose that it had paid bloggers to produce content. Hedgeable, meanwhile, made misleading statements about its investment performance.