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© Reuters. File photo: The seal of the U.S. Securities and Exchange Commission (SEC) was seen at its headquarters in Washington, DC, U.S., on May 12, 2021. REUTERS/Andrew Kelly
(Reuters)- Charles Schwab (New York Stock Exchange:) Corp disclosed on Friday the U.S. Securities and Exchange Commission (SEC) investigation into historical disclosures involving the robotic advisor Schwab Intelligent Portfolios of retail brokerage firms.
The company warned that its second-quarter financial results will include $200 million in expenses, but the final liabilities may vary, depending on the outcome of the event.
The retail brokerage firm said it has been cooperating with SEC staff on investigations and is “evaluating its options.” https://
Schwab’s robo-advisors or automated investment products distribute cash among exchange-traded funds according to a formula based on customer questionnaires, and have distributed nearly $64 billion in customer assets by the end of March.
“The company intends to continue to work with the US Securities and Exchange Commission to resolve this issue,” Schwab said.
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