Betterment Settles with SEC for $9 Million Over Tax-Loss Harvesting Errors.
Robo-advisor Betterment has agreed to pay $9m to settle charges with the US Securities and Exchange Commission (SEC) that it misled customers about its tax-loss harvesting service. The SEC alleged that Betterment "misstated or omitted several material facts" in client communications concerning its tax-loss harvesting service. The service saved hundreds of millions of dollars in taxes for more than 275,000 customers who have used it since it was introduced in 2014.