Maxim Group LLC

Maxim Group LLC was fined $65,000 for trading 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.

 The findings stated that the firm’s order management system was not programmed to protect orders that the firm accepted, held and later routed away for execution. As such, the customer orders were owed protection that the firm failed to provide. In addition, after trading for its own account, the firm executed outstanding customer orders at the customer limit price instead of at the price that the firm traded for its own account.

 This resulted in a loss to the firm’s customers in the amount of $422.63.