Securities Lawyers Blog
Our law firm represents individual and institutional investors that have been mistreated by their brokers and brokerage firms, such as Maxim Group LLC. Many investors do not recognize broker misconduct in their accounts, and those that do are often hesitant to seek help. Broker misconduct spans many issues that violate industry rules, including unauthorized trading, breach of fiduciary duty, unsuitable asset allocation, and churning. The attorneys at Gana Weinstein LLP can analyze your accounts and investments to determine if there was misconduct in the handling of your account.
Maxim Group is a full-service investment banking, securities, and wealth management firm that provides investment banking, equity capital markets, equity research, institutional equity, fixed income, and derivatives sales and trading, and private wealth management, with a focus on middle-market and emerging growth companies in sectors such as shipping, energy, health care, and technology. Headquartered in New York and formed in 2002, the firm is a member of FINRA, the MSRB, SIPC, Nasdaq, and NYSE Arca, with institutional coverage spanning North and South America, Europe, and Asia.
Maxim Group LLC – By the Numbers:
- CRD #: 120708
- Regulatory Events: 36
- Arbitration Events: 1
- Broker Employees: 160
Maxim Group LLC – In the News:
FINRA v. Maxim Group LLC (Case #2023077636501) – From December 2019 to March 2023, Maxim failed to make or timely make required filings with FINRA in connection with its participation in seven public offerings. Therefore, Maxim violated FINRA Rules 5110 and 2010. From December 2019 to March 2026, Maxim violated FINRA Rules 3110 and 2010 by failing to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA Rule 5110. For these violations, the firm is censured and fined $35,000.
FINRA v. Maxim Group LLC (Case #2020065141401) – 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.
FINRA v. Maxim Group LLC (Case #2020067843801) – From February 2019 to July 2022, Maxim failed to establish and maintain a supervisory system, and failed to establish, maintain, and enforce written procedures, reasonably designed to achieve compliance with Section 5 of the Securities Act of 1933 in violation of FINRA Rules 3110 and 2010. During the same period, Maxim also failed to establish and implement anti-money laundering (AML) policies and procedures reasonably expected to detect and cause the reporting of suspicious activity in low-priced securities in violation of FINRA Rules 3310(a) and 2010.
FINRA v. Maxim Group LLC (Case #2019062082601) – This matter resulted from routine surveillance by FINRA’s Department of Market Regulation of Maxim’s trading activity during the period October 1, 2018 through June 30, 2019 (the review period). The review identified 40 instances in which Maxim traded for its own account on the same side of the market at prices that would have satisfied outstanding customer orders, without immediately thereafter executing the customer orders up to the size and/or at the same or better price as it traded for its own account, in violation of FINRA Rules 5320 and 2010.
FINRA v. Maxim Group LLC (Case #2018058600001) – Over five quarters in 2018 and 2019, Maxim failed to immediately display, route, execute, or cancel 74 out of 100 sampled exceptions of customer limit orders, including 62 orders that would have locked or crossed a displayed quote, in violation of FINRA Rules 6460 and 2010. Further, the firm’s supervisory system was not reasonably designed to achieve compliance with limit order display obligations in violation of FINRA Rules 3110 and 2010.
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.