Charles Schwab Corp. shares slid 1.7% Friday, after the brokerage and wealth-management company said it expects to book a charge of at least $200 million in the second quarter relating to a Securities and Exchange Commission investigation of its robo-advisory business.
“The company has been cooperating with SEC staff in the investigation and is evaluating its options,” said the filing. A Schwab spokesperson declined to comment beyond the filing. The Schwab Intelligent Portfolios division served almost $64 billion in client assets as of March 31, up 51% from a year earlier. Schwab also has a Schwab Intelligent Portfolios Premium product, which includes unlimited guidance from a certified financial planner for a monthly fee, and an Institutional Intelligent Portfolios product that is used by registered investment advisers.
Hedgeable Inc., a robo adviser that had approximately $81 million in client assets under management at the time, made a series of misleading statements about its investment performance from 2016 until April 2017, when it posted misleading comparisons of the investment performance of Hedgeable’s clients with those of two robo-adviser competitors on its website and social media.
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