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The U.S. Securities and Exchange Commission (SEC) on Monday said it charged three Charles Schwab Corp investment adviser subsidiaries with failing to disclose less profitable fund allocations and misleading its robo-adviser clients. Without admitting or denying the SEC's charges, the subsidiaries will pay $187 million to settle the charges, the SEC said in its order. From March 2015 through November 2018, Schwab touted that its robo-adviser would seek "optimal returns" to investors, whereas in reality the brokerage's own data showed that under most market conditions, the cash in the portfolios would cause clients to make less money even while taking on the same amount of risk, the SEC found.