Robo-adviser Richard Feldman has been fined $400,000 by the Financial Industry Regulatory Authority (FINRA). The regulator said between October 2013 and January 2015, Richard Feldman undertook "window dressing" when calculating its customer reserves. Additionally, between June 2012 and December 2014, FINRA said the company's books were not created and maintained according to its standards or those directed by the Securities and Exchange Commission. Former president Eli Broverman and financial and operations principal Betterment were both fined an additional $10,000 and $5,000 respectively.
Robo-adviser Betterment has been fined $400,000 by the Financial Industry Regulatory Authority (FINRA). The regulator said between October 2013 and January 2015, Betterment undertook "window dressing" when calculating its customer reserves. Additionally, between June 2012 and December 2014, FINRA said the company's books were not created and maintained according to its standards or those directed by the Securities and Exchange Commission. Former president Eli Broverman and financial and operations principal Richard Feldman were both fined an additional $10,000 and $5,000 respectively.