Maxim Group Fined $17,000 For Inaccurate Reporting | Cold Spring Advisory Group

Maxim Group Fined $17,000 For Inaccurate Reporting

Feb 6, 2015

The FINRA Department of Enforcement accepted a Letter of Acceptance, Waiver and Consent ("AWC") from Maxim Group LLC on February 6, 2015. According to the AWC, Maxim was fined $17,000 and censured for accepting an underwriting fee in advance of public sale of offered securities and failing to record the underwriting fee accurately in its general ledger. This resulted in the submission of inaccurate FOCUS reports, Annual Audit Reports and net capital computations.

Maxim had previously been required to pay $95,000 for failing to show the terms and conditions on the memorandum of 995 brokerage orders, show the correct time of execution on five orders and document two transactions on its trading ledger.