Your system is seeing the adapter, just not MAX? Have you tried the function key "F5" while in Max to force a refresh of its list? I have used these adapters a number of times (laptops are coming without serial or parallel ports these days) and didn't seem to have a problem, just bought them retail (different brands) and plugged them in. Did you try a different USB port, to force Windows to "recognize a new device" and reinstall the drivers? One problem with USB devices is that if the OS doesn't install its driver correctly the first time it is sometimes difficult to get it to undo it so that you can try again without going into the registry ("Danger, danger Will Robinson!").
Does Hyperterminal see it? If so does it work correctly (loop it back by connecting pins 2 and 3 together at the RS232 side, then chars typed in hyperterm should show up on the screen). If it works in hyperterminal then we probably have to try thinking of non-OS issues. Just remember to close hyperterm before trying other stuff (Windows won't share the resources)
Good Luck,
Putnam Monroe
PutnamCertified LabVIEW Developer
Senior Test Engineer North Shore Technology, Inc.
Currently using LV 2012-LabVIEW 2018, RT8.5

LabVIEW Champion