SEC slaps Wealthfront Advisers, Hedgeable with fines

The Securities and Exchange said Dec. 21 that fined Wealthfront Advisers LLC $250,000 for allegedly making false statements about a tax-loss harvesting strategy it offered to clients. Wealthfront, a robo-adviser with over $11 billion in client assets under management, consented to the SEC’s order without admitting or denying the SEC’s findings. The regulator also fined Hedgeable Inc $80,000 for allegedly making a series of misleading statements about its investment performance. Hedgeable, a robo adviser which had approximately $81 million in client assets under management, has consented to the SEC’s order without admitting or denying the SEC’s findings.

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