Defendant Name:
Sofi Wealth, LLC.
Defendant Type:
Subsidiary of Public Company
Document Reference:
IA-5826-s
Document Details
Legal Case Name
In the Matter of SoFi Wealth, LLC.
Document Name
SEC Charges San Francisco-Based Robo-Adviser for Breaching Fiduciary Duties in Connection with Its Preference for Proprietary ETFs
Document Date
19-Aug-2021
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
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")."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Other Compliance Related Undertaking
Monetary Penalties:
Civil Penalty
Individual:
$300,000.00
Shared: