Defendant Name: Sofi Wealth, LLC.

Defendant Type: Subsidiary of Public Company
Public Company Parent: SoFi Technologies, Inc.
SIC Code: 6799
CUSIP: 83406F10

Initial Case Details

Legal Case Name In the Matter of Sofi Wealth, LLC
First Document Date 19-Aug-2021
Initial Filing Format Administrative Action
File Number 3-20466
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Sections 206(2), 206(4) Advisers Act; Rule 206(4)-7 Advisers Act

Resolutions

First Resolution Date 19-Aug-2021
Headline Total Penalty and Disgorgement $300,000

Related Documents:

IA-5826-s 19-Aug-2021 Administrative Summary
SEC Charges San Francisco-Based Robo-Adviser for Breaching Fiduciary Duties in Connection with Its Preference for Proprietary ETFs
The SEC said that: "[It] instituted settled charges against San Francisco-based robo-adviser SoFi Wealth, LLC ("SoFi Wealth") for breaching its fiduciary duties to clients in connection with its April 2019 investment of client assets into two new exchange-traded funds ("ETFs") sponsored by its parent company, Social Finance, Inc. ("SoFi")."
IA-5826 19-Aug-2021 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On August 19, 2021, the SEC instituted settled administrative and cease-and-desist proceedings against SoFi Wealth, LLC. stating: "These proceedings arise out of breaches of fiduciary duty by San Francisco-based robo adviser SoFi Wealth, LLC ("SoFi Wealth")in connection with its April 2019 investment of assets of approximately 20,000 automated portfolio accounts into two new proprietary exchange-traded funds ("ETFs") sponsored by its parent company, Social Finance, Inc. ("SoFi")."