Embattled New York City RIA Brite Advisors USA, which is currently under regulatory scrutiny for using an Australia-based affiliate to custody client assets, is facing yet another controversy.
According to documents reviewed by Citywire, the Australian custodial affiliate, Brite Advisors Pty Limited, charged undisclosed trading fees that amounted to thousands of dollars for some of Brite’s advisory clients.
Brite Advisors Pty Limited is currently in the process of being liquidated at the behest of the Australian government for regulatory violations in that country. The charging of the undisclosed trading fee to Brite USA clients, which apparently occurred in 2022, has not previously been reported.
