2025-06-17 sec-litreleases judgment 799 KB 12,430 chars

SEC v. Brite Advisors USA, Inc., No. 1:23-cv-10212, Southern District of New York (June 17, 2025) — Judgment

raw: SEC v. BRITE ADVISORS USA

SEC v. BRITE ADVISORS USA, No. 1:23-cv-10212 (June 17, 2025)

Caption
Securities and Exchange Commission v. Brite Advisors USA, Inc.
summary

Brite Advisors USA, Inc. consented to a final judgment following SEC allegations of fraud and violations of the Investment Advisers Act of 1940.

paragraph

The SEC filed a complaint against Brite Advisors USA, Inc. alleging fraudulent practices and improper custody of client funds under the Advisers Act. The defendant entered a consent decree without admitting or denying the allegations, resulting in a permanent injunction against future violations. While the judgment outlines significant regulatory restrictions, no specific monetary penalties were disclosed in the provided text.

narrative

The Securities and Exchange Commission filed a civil enforcement action against Brite Advisors USA, Inc., alleging violations of the Investment Advisers Act of 1940. The allegations included engaging in fraudulent practices, disseminating misleading information regarding investment strategies, and failing to comply with regulatory requirements for the custody of client funds. Brite Advisors entered into a final judgment without admitting or denying the allegations, effectively consenting to the court's jurisdiction. The judgment imposes a permanent injunction restraining the firm from further violations of the Advisers Act and related rules. Additionally, the defendant is barred from providing investment advice for compensation unless a specific statutory exclusion applies. The defendant also waived its right to appeal and agreed to comply with all terms of the consent decree.

Enriched metadata

Scheme
investment-adviser-fraud (100%)
Court
Southern District of New York
Case No.
1:23-cv-10212
Outcome
settled · 2024-07-31
Classified investment-adviser-fraud(confidence 100%). EDGAR detection: forms ADV/ADV-E/ADV-W/Form D· recall 33% / precision 13%. detection rule →
Statutes
15 U.S.C. § 80b-6(2)15 U.S.C. 80b-315 U.S.C. § 80b-2(a)17 C.F.R. § 275.206(4)17 C.F.R. § 202.5017 C.F.R. § 202.5Section 206(2) of the Investment Advisers Act
Parties
Securities and Exchange CommissionBrite Advisors USA, Inc.
Keywords
finaldocument pagebrite advisorsordered adjudgedadjudged decreedcommissiondirectly indirectlycv-lgsactionadvisorsusasecuritiesinvestmentadvisers

Extracted insights

Entities 4
  • company brite advisors usa, inc.
  • organization Brite Advisors USA, Inc.
  • agency Securities and Exchange Commission
  • organization Securities and Exchange Commission
Triples 9
  • Securities And Exchange Commission filed Complaint on November 21, 2023
  • Brite Advisors Usa, Inc. entered general appearance and answer
  • Brite Advisors Usa, Inc. consented to Court's jurisdiction
  • Securities And Exchange Commission ordered Defendant to comply with Advisers Act
  • Brite Advisors Usa, Inc. restrained from violating Section 206(2) of Advisers Act
  • Brite Advisors Usa, Inc. enjoined from disseminating false documents
  • Defendant's Officers bound by Final Judgment
  • Brite Advisors Usa, Inc. restrained from violating Advisers Act Rule 206(4)-2
  • Brite Advisors Usa, Inc. enjoined from advising others for compensation
Text layers
Extracted body text (12,430c)
1
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff,
No. 23-CV-10212 (LGS)
v.
BRITE ADVISORS USA, INC.,
Defendant.
F
INAL JUDGMENT AS TO DEFENDANT BRITE ADVISORS USA, INC.
The Securities and Exchange Commission having filed a Complaint on November 21,
2023, and Defendant Brite Advisors USA, Inc. (“Defendant”) having entered a general
appearance and filed an answer and affirmative defenses on July 31, 2024; consented to this
Court’s jurisdiction over Defendant and the subject matter of this action; consented to entry of
this Final Judgment without admitting or denying the allegations of the Complaint (except as to
jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal
from this Final Judgment:
I.
IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is
permanently restrained and enjoined from violating, directly or indirectly, Section 206(2) of the
Investment Advisers Act of 1940 (the “Advisers Act”) [15 U.S.C. § 80b-6(2)], by, as an
investment adviser, use of the mails or any means or instrumentality of interstate commerce to
engage in any transaction, practice, or course of business which operates as a fraud or deceit
upon any client or prospective client by, directly or indirectly, (i) creating a false appearance or

2
otherwise deceiving any client or prospective client, or (ii) disseminating false or misleading
documents, materials, or information or making, either orally or in writing, any false or
misleading statement in any communication with any client or prospective client, about:
(A) any investment strategy or investment in securities,
(B) the prospects for success of any product or company,
(C) the use of client funds,
(D) compensation to any person,
(E) Defendant’s qualifications to advise clients; or
(F) the misappropriation of client funds or investment proceeds.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in
Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who
receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s
officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or
participation with Defendant or with anyone described in (a).
II.
IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is
permanently restrained and enjoined from violating, directly or indirectly, Advisers Act Rule
206(4)-2 [17 C.F.R. § 275.206(4)-2] by, as an investment adviser registered or required to be
registered under Section 203 of the Advisers Act [15 U.S.C. 80b-3], having custody of client
funds or securities as defined under Rule 206(4)-2(d) [17 C.F.R. § 275.206(4)-2(d)] without
complying with the terms and conditions of Rule 206(4)-2(a)-(c) [17 C.F.R. § 275.206(4)-2(a)-
(c)].

3
IT   IS   FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in
Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who
receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s
officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or
participation with Defendant or with anyone described in (a).
III.
I
T IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is
permanently restrained and enjoined from directly or indirectly, including, but not limited to,
through any entity owned or controlled by Defendan
t, advising others for compensation as to the
value of securities or as to the advisability of investing in, purchasing, or selling securities unless
an exclusion under Section 202(a)(11) of the Advisers Act [15 U.S.C. § 80b-2(a)(11)] applies to
exclu
de the activities from the definition of an “investment adviser” set out in that section.
IT   IS   FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in
Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who
r
eceive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s
officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or
participation with Defendant or with anyone describ
ed in (a).
IV.
I
T   IS   FURTHER ORDERED, ADJUDGED, AND DECREED that the   Consent  is
incorporated herein with the same force and effect as if fully set forth herein, and that Defendant
shall comply with all of the undertakings and agreements set forth therein.

4
____________________________________
UNITED STATES DISTRICT JUDGE
V.
IT   IS   FURTHER ORDERED, ADJUDGED, AND DECREED that this    Court shall
retain jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment.
Dated:  ______________, _____
June 3          2025

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT
OF
NEW
YORK
SECURITIES AND
EXCHANGE
COMMISSION,
Plaintiff,
No. 23-cv-10212
(LGS)
v.
BR[TE
ADVISORS
USA,
INC.,
Defendant.
CONSENT
OF DEFENDANT
BRITE
ADVISORS
USA,
INC.
Defendant Brite Advisors USA, Inc.
("Defendant")
acknowledges having been
served
with
the complaint
in
this
action,
which was filed on November
21,
2023,
entered
a
general appearance, filed an answer
and affirmative
defenses on July 3l, 2024,
and
admits
this
Court's jurisdiction aver Defendant and over
the
subject matter of this action.
2.
Without admitting or denying
the a{legations
of
the
complaint
(except as provided
herein in
paragraph 10, and
except
as to personal and subject matter jurisdiction, which
Defendant admits), Defendant
hereby consents to the
entry of
the final Judgment
in
the form
attached hereto (the
"Final Judgment") and incorporated by
reference herein,
which, among
other
things:
(a) permanently restrains and
enjoins Defendant
from
violating Section
206(2) of
the
Investment
Advisers Act
of ]
940 (the "Advisers Act") [15
U.S.C. § 80b-6(2)]
and
Advisers
Act Rule 206(4)-2 [l7 C.F.R. §
275.206(4)-2]; and
(b)
permanently
restrains and enjoins Defendant from
directly
or indirectly,

including,
but
not
limited
to, through any entity
owned or controlled by
Defendant, advising others
for compensation
as to
the
value of securities
or
as
to
the advisability of
investing in, purchasing,
or selling securities
unless an
exclusion
under Section 202(a)(1 l ) of
the Advisers Act
[15
U.S.C. § 80b-2(a)(i 1)] applies to
exclude
the
activities from
the definition
of an "investment adviser" set out in that section.
3.
Defendant
waives
the entry of findings of fact and conclusions of law pursuant to
Rule 52
of
the
Federal
Rules
of Civi! Procedure.
4.
Defendant waives
the right,
if any, to
a jury trial and to appeal from the
entry of
the
Final
Judgment.
5. Defendant enters into this Consent voluntarily
and
represents
that no
threats,
offers, promises,
or
inducements of
any kind
have
been made
by the Commission
or
any
member,
officer,
employee, agent, or
re
presentative
of
the Commission to
induce
Defendant
to
enter into
this Consent.
b.
Defendant agrees
that this
Consent
shall be incorporated into
the
Final Judgment
with
the
same force
and
effect as if fully
set
forth therein.
7. Defendant will not
oppose
the
enforcement
of the Final
Judgment
on the ground,
if any
exists, that it fails to comply with Rule 65(d) of
the
Federal Rules of
Civil
Procedure, and
hereby
waives any objection
based thereon.
8. Defendant
waives service
of
the
Final
Judgment and agrees that entry of the
Final
Judgment by
this
Court
and
filing
with
the Clerk of
the Court
will
constitute notice to
Defendant
of its terms and conditions.
Defendant further
agrees
to provide counsel for the
Commission,
within thirty days
after
the
Final
Judgment
is
filed with the Clerk of
the
Court, with an
affidavit

or declaration
stating that Defendant has received and read a copy of
the
Final Judgment.
9. Consistent
with
17
C.F.R. §
202.50,
this Consent resolves
only
the
claims
asserted against Defendant
in this civil proceeding. Defendant
acknowledges that no
promise or
representation
has
been made
by
the
Commission or
any
member, officer, employee, agent, or
representative of
the Commission
with
regard
to
any criminal liability that may
have
arisen
or
may arise from the facts
underlying this action or immunity from any such
criminal
liability.
Defendant waives
any
claim
of
Doub(e Jeopardy
based upon
the
settlement of this proceeding,
including the imposition of any remedy or civil penalty herein. Defendant
further acknowledges
that this Court's entry of
a
permanent injunction may have collateral consequences under
federal
or state law
and
the
rules and regulations ofself-regulatory organizations, licensing boards,
and
other
regulatory organizations. Such
collaterai consequences
include, but
are not limited
to,
a
statutory disqualification with respect to
membership or participation in, or association with a
member
of,
aself-regulatory
organization.
This statutory
disqualification
has consequences that
are separate
from any sanction imposed in an administrative proceeding. In
addition,
in any
disciplinary
proceeding
before
the
Commission based on the entry of the injunction in this
action,
Defendant understands
that
it shall not be permitted to contest the factual allegations of
the complaint in this action.
l0. Defendant understands
and
agrees to comply
with
the
terms of 17 C.F.R.
§
202.5(e},
which
provides
in part that it rs
the
Commission's policy "not
to
permit
a
defendant
or
respondent to
consent
to a
judgment or order that
imposes a sanction while
denying
the
allegations in
the complaint or order
for
proceedings," and
a
refusal
to
admit the
allegations
is
equivalent to
a
denial,
unless the defendant or
respondent states that he neither
admits nor
denies
the
allegations." As part of Defendant's agreement to comply with
the terms of
Section 202.5(e),

Defendant: {i) will not take
any
action
or
make or permit to
be
made any
public
statement
denying, directly
or
indirectly, any allegation in the complaint or
creating
the impression that
the
complaint
is
without factual basis; (ii)
will
not make
or
permit
to
be made any
public statement
to
the
effect
that Defendant does
not
admit the
allegations
of
the complaint, or that
this
Consent
contains
no
admission
of the
allegations,
without
also
stating that Defendant does not deny the
allegations;
and (iii)
upon the filing of this Consent, Defendant
hereby withdraws
any
papers
filed
in
this action to the
extent
that they deny
any allegation in
the
complaint.
If
Defendant
breaches
this
agreement,
the
Commission
may
petition
this Court
to
vacate the Final Judgment
and restore this action
to
its active
docket. Nothing in
this
paragraph
affects Defendant's:
(i)
testimonial obligations; or (ii) right
to take legal or factual
positions in
litigation or other
legal
proceedings in which the
Commission
is
not a party.
11.
Defendant hereby waives any rights under the
Equal
Access
to Justice Act, the
Small
Business Regulatory Enforcement
Fairness Act of
1996, or any other provision
of
law to
seek from
the United States,
or
any agency, or any official of
the
United
States
acting
in his
or
her official
capacity, directly or indirectly,
reimbursement
of attorney's
fees
or other
fees,
expenses, or costs
expended
by Defendant
to defend
against
this action. For these purposes,
Defendant
agrees that Defendant is not the
prevailing
party in this action since the
parties have
reached a good faith settlement.
12.
Defendant agrees that the Commission may present
the
Final Judgment
to
this
Court
for
signature
and entry
without
further notice.
l 3.
Defendant agrees that this Court
shall
retain
jurisdiction
over
this
matter for
the
purpose of
enforcing
the terms of
the
Final Judgment.

BRITS ADDIS
RS US , INC.
Dated: ~ ~/~ ~ B / ~
Y•
Martin
A. Byrne
Sole Owner and Chief Executive Officer
On ~` ,
2025,
~;rnH/h,
-~f •~~~'N~
,
a
person known
to
me,
personally
appe red before
me
and acknowledged executing
the
foregoing
Consent.
Notary Pub is
Q~~aQ
1
_
_
i
v~
a $
Commission
expires: ~~ ~Y~t ~'~
Approv
d as to form:
r
Nata ~e A.
Napierala
Carl n
Fields,
P.A.
405 Lexington
Avenue,
36th Floor
New York, NY 10174
(212)785-2577
Email: [email protected]
Richard
T. Choi
1025 Thomas
Jefferson
Street,
NW
Suite
400 West
Washington,
DC 20007-5208
Phone: (202)965-8127
Email:
[email protected]
Pro
Bono Counsel
for
Brite Advisors
USA, Inc.
5
MU3ElLA F.
WILSON
~
YQAt
Ca~ilti0n
Expires Sk i
Nmb~r
~
v
OCR text (13,444c · tika · 95% conf)
1 

UNITED STATES DISTRICT COURT 
SOUTHERN DISTRICT OF NEW YORK 

SECURITIES AND EXCHANGE COMMISSION, 

Plaintiff, 
No. 23-CV-10212 (LGS) 

v. 

BRITE ADVISORS USA, INC., 

Defendant. 

FINAL JUDGMENT AS TO DEFENDANT BRITE ADVISORS USA, INC.

The Securities and Exchange Commission having filed a Complaint on November 21, 

2023, and Defendant Brite Advisors USA, Inc. (“Defendant”) having entered a general 

appearance and filed an answer and affirmative defenses on July 31, 2024; consented to this 

Court’s jurisdiction over Defendant and the subject matter of this action; consented to entry of 

this Final Judgment without admitting or denying the allegations of the Complaint (except as to 

jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal 

from this Final Judgment: 

I. 

IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is 

permanently restrained and enjoined from violating, directly or indirectly, Section 206(2) of the 

Investment Advisers Act of 1940 (the “Advisers Act”) [15 U.S.C. § 80b-6(2)], by, as an 

investment adviser, use of the mails or any means or instrumentality of interstate commerce to 

engage in any transaction, practice, or course of business which operates as a fraud or deceit 

upon any client or prospective client by, directly or indirectly, (i) creating a false appearance or 

Case 1:23-cv-10212-LGS     Document 55     Filed 06/04/25     Page 1 of 9



2 

otherwise deceiving any client or prospective client, or (ii) disseminating false or misleading 

documents, materials, or information or making, either orally or in writing, any false or 

misleading statement in any communication with any client or prospective client, about:   

(A) any investment strategy or investment in securities,

(B) the prospects for success of any product or company,

(C) the use of client funds,

(D) compensation to any person,

(E) Defendant’s qualifications to advise clients; or

(F) the misappropriation of client funds or investment proceeds.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s 

officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

II. 

IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is 

permanently restrained and enjoined from violating, directly or indirectly, Advisers Act Rule 

206(4)-2 [17 C.F.R. § 275.206(4)-2] by, as an investment adviser registered or required to be 

registered under Section 203 of the Advisers Act [15 U.S.C. 80b-3], having custody of client 

funds or securities as defined under Rule 206(4)-2(d) [17 C.F.R. § 275.206(4)-2(d)] without 

complying with the terms and conditions of Rule 206(4)-2(a)-(c) [17 C.F.R. § 275.206(4)-2(a)-

(c)]. 

Case 1:23-cv-10212-LGS     Document 55     Filed 06/04/25     Page 2 of 9



3 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s 

officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

III. 

IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is 

permanently restrained and enjoined from directly or indirectly, including, but not limited to, 

through any entity owned or controlled by Defendant, advising others for compensation as to the 

value of securities or as to the advisability of investing in, purchasing, or selling securities unless 

an exclusion under Section 202(a)(11) of the Advisers Act [15 U.S.C. § 80b-2(a)(11)] applies to 

exclude the activities from the definition of an “investment adviser” set out in that section. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant’s 

officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

IV. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent is 

incorporated herein with the same force and effect as if fully set forth herein, and that Defendant 

shall comply with all of the undertakings and agreements set forth therein. 

Case 1:23-cv-10212-LGS     Document 55     Filed 06/04/25     Page 3 of 9



4 

____________________________________ 
UNITED STATES DISTRICT JUDGE 

V. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall 

retain jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment. 

Dated:  ______________, _____ June 3         2025

Case 1:23-cv-10212-LGS     Document 55     Filed 06/04/25     Page 4 of 9



UNITED STATES DISTRICT COURT 
SOUTHERN DISTRICT OF NEW YORK 

SECURITIES AND EXCHANGE COMMISSION, 

Plaintiff, 
No. 23-cv-10212 (LGS) 

v. 

BR[TE ADVISORS USA, INC., 

Defendant. 

CONSENT OF DEFENDANT BRITE ADVISORS USA, INC. 

Defendant Brite Advisors USA, Inc. ("Defendant") acknowledges having been 

served with the complaint in this action, which was filed on November 21, 2023, entered a 

general appearance, filed an answer and affirmative defenses on July 3l, 2024, and admits this 

Court's jurisdiction aver Defendant and over the subject matter of this action. 

2. Without admitting or denying the a{legations of the complaint (except as provided 

herein in paragraph 10, and except as to personal and subject matter jurisdiction, which 

Defendant admits), Defendant hereby consents to the entry of the final Judgment in the form 

attached hereto (the "Final Judgment") and incorporated by reference herein, which, among other 

things: 

(a) permanently restrains and enjoins Defendant from violating Section 

206(2) of the Investment Advisers Act of ] 940 (the "Advisers Act") [15 

U.S.C. § 80b-6(2)] and Advisers Act Rule 206(4)-2 [l7 C.F.R. § 

275.206(4)-2]; and 

(b) permanently restrains and enjoins Defendant from directly or indirectly, 

Case 1:23-cv-10212-LGS     Document 55     Filed 06/04/25     Page 5 of 9



including, but not limited to, through any entity owned or controlled by 

Defendant, advising others for compensation as to the value of securities 

or as to the advisability of investing in, purchasing, or selling securities 

unless an exclusion under Section 202(a)(1 l ) of the Advisers Act [15 

U.S.C. § 80b-2(a)(i 1)] applies to exclude the activities from the definition 

of an "investment adviser" set out in that section. 

3. Defendant waives the entry of findings of fact and conclusions of law pursuant to 

Rule 52 of the Federal Rules of Civi! Procedure. 

4. Defendant waives the right, if any, to a jury trial and to appeal from the entry of 

the Final Judgment. 

5. Defendant enters into this Consent voluntarily and represents that no threats, 

offers, promises, or inducements of any kind have been made by the Commission or any 

member, officer, employee, agent, or representative of the Commission to induce Defendant to 

enter into this Consent. 

b. Defendant agrees that this Consent shall be incorporated into the Final Judgment 

with the same force and effect as if fully set forth therein. 

7. Defendant will not oppose the enforcement of the Final Judgment on the ground, 

if any exists, that it fails to comply with Rule 65(d) of the Federal Rules of Civil Procedure, and 

hereby waives any objection based thereon. 

8. Defendant waives service of the Final Judgment and agrees that entry of the Final 

Judgment by this Court and filing with the Clerk of the Court will constitute notice to Defendant 

of its terms and conditions. Defendant further agrees to provide counsel for the Commission, 

within thirty days after the Final Judgment is filed with the Clerk of the Court, with an affidavit 

Case 1:23-cv-10212-LGS     Document 55     Filed 06/04/25     Page 6 of 9



or declaration stating that Defendant has received and read a copy of the Final Judgment. 

9. Consistent with 17 C.F.R. § 202.50, this Consent resolves only the claims 

asserted against Defendant in this civil proceeding. Defendant acknowledges that no promise or 

representation has been made by the Commission or any member, officer, employee, agent, or 

representative of the Commission with regard to any criminal liability that may have arisen or 

may arise from the facts underlying this action or immunity from any such criminal liability. 

Defendant waives any claim of Doub(e Jeopardy based upon the settlement of this proceeding, 

including the imposition of any remedy or civil penalty herein. Defendant further acknowledges 

that this Court's entry of a permanent injunction may have collateral consequences under federal 

or state law and the rules and regulations ofself-regulatory organizations, licensing boards, and 

other regulatory organizations. Such collaterai consequences include, but are not limited to, a 

statutory disqualification with respect to membership or participation in, or association with a 

member of, aself-regulatory organization. This statutory disqualification has consequences that 

are separate from any sanction imposed in an administrative proceeding. In addition, in any 

disciplinary proceeding before the Commission based on the entry of the injunction in this 

action, Defendant understands that it shall not be permitted to contest the factual allegations of 

the complaint in this action. 

l0. Defendant understands and agrees to comply with the terms of 17 C.F.R. 

§ 202.5(e}, which provides in part that it rs the Commission's policy "not to permit a defendant 

or respondent to consent to a judgment or order that imposes a sanction while denying the 

allegations in the complaint or order for proceedings," and a refusal to admit the allegations is 

equivalent to a denial, unless the defendant or respondent states that he neither admits nor denies 

the allegations." As part of Defendant's agreement to comply with the terms of Section 202.5(e), 

Case 1:23-cv-10212-LGS     Document 55     Filed 06/04/25     Page 7 of 9



Defendant: {i) will not take any action or make or permit to be made any public statement 

denying, directly or indirectly, any allegation in the complaint or creating the impression that the 

complaint is without factual basis; (ii) will not make or permit to be made any public statement 

to the effect that Defendant does not admit the allegations of the complaint, or that this Consent 

contains no admission of the allegations, without also stating that Defendant does not deny the 

allegations; and (iii) upon the filing of this Consent, Defendant hereby withdraws any papers 

filed in this action to the extent that they deny any allegation in the complaint. If Defendant 

breaches this agreement, the Commission may petition this Court to vacate the Final Judgment 

and restore this action to its active docket. Nothing in this paragraph affects Defendant's: (i) 

testimonial obligations; or (ii) right to take legal or factual positions in litigation or other legal 

proceedings in which the Commission is not a party. 

11. Defendant hereby waives any rights under the Equal Access to Justice Act, the 

Small Business Regulatory Enforcement Fairness Act of 1996, or any other provision of law to 

seek from the United States, or any agency, or any official of the United States acting in his or 

her official capacity, directly or indirectly, reimbursement of attorney's fees or other fees, 

expenses, or costs expended by Defendant to defend against this action. For these purposes, 

Defendant agrees that Defendant is not the prevailing party in this action since the parties have 

reached a good faith settlement. 

12. Defendant agrees that the Commission may present the Final Judgment to this 

Court for signature and entry without further notice. 

l 3. Defendant agrees that this Court shall retain jurisdiction over this matter for the 

purpose of enforcing the terms of the Final Judgment. 

Case 1:23-cv-10212-LGS     Document 55     Filed 06/04/25     Page 8 of 9



BRITS ADDIS RS US , INC. 

Dated: ~ ~/~ ~ B / ~ Y• 
Martin A. Byrne 
Sole Owner and Chief Executive Officer 

On ~` , 2025, ~;rnH/h,  -~f •~~~'N~ , a person known to me, 
personally appe red before me and acknowledged executing the foregoing Consent. 

Notary Pub is Q~~aQ 1 _ _ i v~ a $ Commission expires: ~~ ~Y~t ~'~ 

Approv d as to form: 

r 

Nata ~e A. Napierala 
Carl n Fields, P.A. 
405 Lexington Avenue, 36th Floor 
New York, NY 10174 
(212)785-2577 
Email: [email protected] 

Richard T. Choi 
1025 Thomas Jefferson Street, NW 
Suite 400 West 
Washington, DC 20007-5208 
Phone: (202)965-8127 
Email: [email protected] 

Pro Bono Counsel for Brite Advisors USA, Inc. 

5 

MU3ElLA F. WILSON 
~ YQAt 

Ca~ilti0n Expires Sk i Nmb~r ~ 

v 

Case 1:23-cv-10212-LGS     Document 55     Filed 06/04/25     Page 9 of 9