Brian Decker Barred By FINRA Following Allegations Of Converting Customer Funds

The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Brian Decker. According to his publicly available FINRA BrokerCheck report, Brian Decker has been the subject of multiple customer disputes.

Brian Decker was a New York based securities broker. He worked in the securities industry for ten years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• J.P. Turner & Company (2006-2007)


• VFinance Investments (2007-2009)


• Legend Securities (2009-2016)


• Worden Capital Management (2017-2018)

The Allegations

• In August 2008, a customer alleged that Brian Decker engaged in unauthorized trading. This case was settled for $6,800.


• In February 2009, a customer alleged that Brian Decker engaged in excessive trading, made material misrepresentations, charged them excessive commissions, and recommended unsuitable investments. This case was settled for $7,000.


• In March 2012, a customer alleged that Brian Decker breached his fiduciary duty, handled their account negligently, made negligent misrepresentations, churned their account, and engaged in fraud. This case was settled for $32,500.


• In April 2012, a customer alleged that Brian Decker handled their account negligently, breached his fiduciary duty, breached contract, and engaged in fraud. This case was settled for $75,000.


• In January 2013, a customer alleged that unsuitable trades made by Brian Decker resulted in poor performance. This case was settled for $10,000.


• In September 2014, a customer alleged that Brian Decker violated  Colorado's securities laws and consumer protection act, violated FINRA rules, handled their account negligently, breached his fiduciary duty, and engaged in common law fraud. This case was settled for $14,999.


• In February 2015, a customer alleged that Brian Decker recommended unsuitable investments. This case was settled for $35,000.


• In April 2015, a customer alleged that Brian Decker breached his fiduciary duty, churned their account, engaged in fraud, made material misrepresentations and omissions of facts, and executed unauthorized trades. Brian Decker was allegedly not registered in the state of Florida while acting as this customer's securities broker. This case went to arbitration where the customer was awarded $110,622 in damages.


• In May 2018, Brian Decker was sanctioned by FINRA. The findings in this matter state that Decker allegedly failed to provide FINRA with the requested bank records or testimony during an investigation into alleged fund conversion. Due to these allegations, he was barred by FINRA from acting as a securities broker in any fashion.

Churning

One of the most noteworthy allegations levied against Brian Decker was that he churned his customers' accounts. This is a deceptive trading practice that centers around the securities broker trading a customer's account excessively. This is done with the express purpose of generating additional commissions for themself. This often results in unnecessary fees and trading losses to the investor. Churning is a fraudulent trading practice that many brokers still engage in despite how detrimental it is to their customers.

Fund Conversion

Stealing funds from customers is the most blatant form of securities fraud. There are various different ways it can happen. Securities brokers might solicit funds from a customer claiming they will invest it, but instead divert it to a personal account. Sometimes securities brokers might liquidate an investor's assets and keep the funds for themselves. Some brokers even forge customer signatures on transfer forms and move money from their customer's account to their own. Regardless of how it was done, securities brokers that convert their customer funds work toward eroding the trust between investors and brokers. The relationship between investors and brokers could not exist without said trust.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to help investors across the nation. If you, or someone you know, have lost money investing with Brian Decker, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.