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Robo-adviser charged by SEC over failures affecting 25,000 clients

SEC sign on HQ building
Photo: Chip Somodevilla/Getty Images

Investment advisory firm Betterment agrees to $9m penalty after multiple failures.

Investment advisory firm Betterment LLC has been charged by the SEC over material misstatements and books and records omissions within its automated tax service.

The automated investment platform – also called a robo-adviser – also failed to provide clients with notice of changes to contracts, the regulator said.

Betterment agreed to a