Robo-adviser Betterment LLC has agreed to pay $9 million to settle U.S. Securities and Exchange Commission charges related to misstatements as well as disclosure and record keeping failures.

Betterment misstated or omitted facts when communicating with clients about its automated tax harvesting service from 2016 to 2019, the SEC said. It also failed to give clients notice of contract changes and failed to maintain certain records, the regulator said.

A lawyer for Betterment, which did not admit or deny the SEC's allegations, did not respond immediately to request for comment.