SEC slaps startups Wealthfront and Hedgeable with fines for making false disclosures642.63

The Securities and Exchange Commission appears to be keeping a close eye on financial services startups, with today’s news that the agency has settled cases with two robo-advisory companies over allegations that they misled investors.

Wealthfront Advisers, one of the darlings of the fintech investment sector with $11 billion under management and roughly $200 million in venture capital backing, was fined $250,000 for making false statements to investors about one of its newer automated financial services products. The company consented to the SEC’s censure without confirming or denying the SEC’s claims.

Original source
https://techcrunch.com/2018/12/21/sec-slaps-startups-wealthfront-and-hedgeable-with-fines-for-making-false-disclosures/

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