Posted On: 01/14/2016 10:06:18 AM
Post# of 96881
Notably, Maxim Group, LLC or its brokers have been fined by FINRA for the following securities and sales practice violations:
Most recently, on August 4, 2014, Maxim Group, LLC was fined $5,000 for effecting short sales in securities for its own account without borrowing the security as required by SEC Rules.
On June 7, 2013, Maxim Group, LLC was required to pay $95,000 as restitution to its investors for failure to execute orders fully and promptly on 49 separate occasions.
On March 28, 2011 Maxim Group, LLC was fined $10,000 for allowing one of its brokers to excessively trade a joint account held by two elderly clients.
On October 29, 2010 FINRA fined Maxim Group, LLC $75,000 for failing to use reasonable diligence to ascertain the best market and buy or sell in that market in order to grant a favorable return to their customer. This occurred in 39 separate transactions. Additionally, in 24 instances, they failed to execute orders fully and promptly, in violation of NASD rules.
On March 24, 2010 Maxim Group, LLC was ordered to pay $82,500 in restitution to its investors for incorrectly reporting investments and executing reports that contained inaccurate, complete and improperly formatted data.
Over the last 12 years, Maxim Group, LLC has received a total of 15 FINRA complaints or regulatory events. For a full list of Maxim Group, LLC’s FINRA fines and customer complaints, see their BrokerCheck Report.
Most recently, on August 4, 2014, Maxim Group, LLC was fined $5,000 for effecting short sales in securities for its own account without borrowing the security as required by SEC Rules.
On June 7, 2013, Maxim Group, LLC was required to pay $95,000 as restitution to its investors for failure to execute orders fully and promptly on 49 separate occasions.
On March 28, 2011 Maxim Group, LLC was fined $10,000 for allowing one of its brokers to excessively trade a joint account held by two elderly clients.
On October 29, 2010 FINRA fined Maxim Group, LLC $75,000 for failing to use reasonable diligence to ascertain the best market and buy or sell in that market in order to grant a favorable return to their customer. This occurred in 39 separate transactions. Additionally, in 24 instances, they failed to execute orders fully and promptly, in violation of NASD rules.
On March 24, 2010 Maxim Group, LLC was ordered to pay $82,500 in restitution to its investors for incorrectly reporting investments and executing reports that contained inaccurate, complete and improperly formatted data.
Over the last 12 years, Maxim Group, LLC has received a total of 15 FINRA complaints or regulatory events. For a full list of Maxim Group, LLC’s FINRA fines and customer complaints, see their BrokerCheck Report.
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