Worried about a frozen pension with Brite Advisors?

Worried about a frozen pension with Brite Advisors? Concerned that your investments are lost? Need a new independent financial adviser now that Brite has folded?
We can help with sound advice to get your pension and retirement plans back on track.

Travel and Aviation Consulting

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna

Business Services Consulting

Organically grow the holistic world view of disruptive innovation via workplace diversity and empowerment

Consumer Products Consulting

The end of the day, going forward, a new normal that has evolved from generation X is on the runway heading towards

Financial Services Consulting

Leverage agile frameworks to provide a robust synopsis for high level overviews. Iterative approaches to corporate

Energy and Environment Consulting

Capitalize on low hanging fruit to identify a ballpark value added activity to beta test. Override the digital divide with

Surface Transport & Logistics Consulting

Nanotechnology immersion along the information highway will close the loop on focusing solely on the bottom line

What’s happened

Australia

The Brite Advisors court case, led by the Australian Securities and Investments Commission (ASIC), involves regulatory action against Brite Advisors Pty Ltd.
ASIC took legal action against Brite Advisors due to significant concerns, including an unexplained variance of USD $69 million in client funds. In response to these concerns, the Court appointed Linda Smith and Robert Kirman of McGrathNicol as corporate receivers and managers of Brite Advisors. Their task is to conduct detailed investigations into the company and its management practices, particularly regarding approximately AUD$1 billion in client pension funds.

Concerns raised by ASIC and the Court include the significant variance in client funds that Brite Advisors has not adequately explained. Broader concerns about the management practices of Brite Advisors have prompted the need for a thorough investigation. ASIC’s investigation into Brite Advisors is ongoing, and the regulatory body is actively overseeing the receivership and the broader investigation into the company’s activities.

United States

Brite USA, managing nearly $400 million in client assets, violated the Custody Rule by failing to fulfill an annual report requirement. Violations encompass Brite Australia borrowing millions using Brite USA’s client assets as collateral, breaching fiduciary duty by not disclosing conflicts of interest and risks.

Ongoing issues involve slow client asset transfers, delays in regulatory filings, and dependence on Brite Group Parent’s cash infusions. The Commission aims to permanently enjoin Brite USA, impose civil money penalties, and secure additional just relief.

FAQ

Brite Advisors is currently being investigated in Australia and the USA related to Brite Advisors’ management of client funds.

Investigations are ongoing by the Australian Securities and Investments Commission (ASIC) and The Securities and Exchange Commission (SEC).

The ASIC has taken steps to protect client assets by securing asset preservation orders against Brite Advisors. While these orders restrain Brite Advisors, the Court has allowed the appointed receivers to continue the operations of Brite Advisors. This ensures ongoing protection for client assets while investigations proceed.

The corporate receivers, Linda Smith and Robert Kirman, are assigned the task of conducting further investigations into Brite Advisors, including the management of client pension funds totaling approximately AUD$1 billion.

The receivers are required to provide a comprehensive report to the Court and ASIC within 42 days. A court hearing is scheduled in Australia for February 6th.

The ASIC is publishing updates at https://asic.gov.au/about-asic/news-centre/key-matters/brite-advisors/

Contact Us Today

Brite Client Help - light

Brite Client Help © 2024 All Rights Reserved