The Securities and Exchange Commission said Friday that Redwood City-based Wealthfront Advisers LLC agreed to settle the agency’s claims against the fintech for a $250,000 fine.
In its first actions against a robo advisers, the SEC alleged that Wealthfront, with more than $11 billion in assets under management, made false statements about its investment products and published misleading advertising. Wealthfront settled without admitting or denying that it misled investors about its services.
