Maxim Group LLC Fined by FINRA
19 October 2018
An AWC was issued in which the firm was censured, fined $65,000, ordered to pay $167,780.49, plus interest, in restitution to customers and required to review and revise, as necessary, its systems, policies and procedures (written and otherwise) and training with respect to the sale of Unit Investment Trusts (UITs). Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish and maintain a supervisory system, and establish, maintain and enforce WSPs, reasonably designed to detect and prevent unsuitable short-term trading in UITs.
