Maxim Group LLC has agreed to pay a $35,000 fine and accept a censure to settle allegations by the Financial Industry Regulatory Authority (FINRA) that it mishandled required filings tied to seven public offerings.
According to the settlement, Maxim failed to make or timely make required filings with FINRA between December 2019 and March 2023 in connection with its participation in those seven offerings. FINRA said the conduct violated FINRA Rules 5110 and 2010.
The regulator also found a supervisory shortfall spanning December 2019 to March 2026, stating that Maxim failed to establish, maintain and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with FINRA Rule 5110. That conduct was cited as a violation of FINRA Rules 3110 and 2010.
About the firm
Maxim Group LLC has been a FINRA member since September 2002 and operates as a full-service investment banking, securities and wealth management firm. Headquartered in New York, New York, it has approximately 160 registered representatives across six branch offices.
