Defendant Name: Sofi Wealth, LLC.

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

Document Reference: IA-5826

Document Details

Legal Case Name In the Matter of SoFi Wealth, LLC.
Document Name 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
Document Date 19-Aug-2021
Document Format Administrative Proceeding
File Number 3-20466
Allegation Type Investment Advisers/Investment Companies
Document Summary 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")."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:

Civil Penalty

Individual:     $300,000.00 Shared:    

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")."