Maxim Group LLC has agreed to pay a fine of $75,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From January 2020 through April 2021, Maxim published public quarterly reports on its handling of customers’ orders in National Market System (NMS) securities that failed to disclose required information and provided incomplete or inaccurate information. Therefore, the firm violated Rule 606(a) of Regulation NMS and FINRA Rule 2010.
During the same period, the firm’s supervisory system, including written supervisory procedures, was not reasonably designed to achieve compliance with Rule 606(a). Therefore, the firm violated FINRA Rules 3110 and 2010.
In addition to the fine, the firm has agreed to a censure.
Maxim has been a FINRA member since September 2002. The firm is a full-service investment banking, securities, and wealth management firm. Maxim is headquartered in New York, New York and has approximately 195 registered persons across six branch offices.
