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Betterment to pay $9 million to settle US SEC claims over misstatements concerning tax loss harvesting service

( April 18, 2023, 19:21 GMT | Official Statement) -- MLex Summary: Betterment has agreed to pay a $9 million penalty to resolve US Securities and Exchange Commission allegations that it made material misstatements and omissions related to its automated tax loss harvesting service, failing to provide clients with notice of changes to contracts, and failing to maintain certain required books and records. According to the SEC, Betterment misstated or omitted several material facts in its communications with clients between 2016 and 2019, resulting in more than 25,000 clients losing approximately $4 million in potential tax benefits.Statement and document follow below:...

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