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
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: