By Ben Glickman

Maximus will pay a $500,000 penalty after the Securities and Exchange Commission determined the company failed to disclose certain "related-person" transactions.

The SEC said Monday in an administrative filing it instituted a cease-and-desist order after Maximus didn't disclose that an appointed executive had two siblings employed by the company.

The SEC said the siblings of the executive officer received compensation from the company in excess of $120,000. The relationships weren't disclosed in regulatory filings between 2019 and 2021.

The SEC said the company had cooperated, including by self-reporting the issue.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

September 11, 2023 18:08 ET (22:08 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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