WASHINGTON—A company that collects and sells mobile-app usage statistics agreed to pay $10 million to settle a fraud investigation over how it disclosed its data practices to trading clients.
The Securities and Exchange Commission said Tuesday the enforcement action was the first against a provider of alternative data used by investors to make trading decisions. Alternative data describes a range of information that can help investors model the future performance of a company, including consumer transactions, social-media activity and internet search activity.

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