FINRA Bars Legend Stockbroker For Failure To Pay Arbitration Award
Brian Keith Decker of New York New York a stockbroker formerly registered with Legend Securities Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that Decker failed to comply with a FINRA Arbitration Award in which he was ordered to compensate a customer who incurred losses because of Decker’s misconduct. Case No. 15-00802.
According to the Arbitration Award, Decker was found liable for negligence and for failing to supervise transactions effected in a Legend Securities customer’s account. Misrepresentations and omissions had been made to the customer who was also defrauded. Unauthorized trades were effected in the customer’s account. Decker was also found liable for churning of the customer’s account and his breach of a fiduciary duty that was owed to the Legend Securities customer.
This is not the first time that Decker has been the subject of FINRA sanctions for misconduct. The stockbroker has been barred from associating with any FINRA member in any capacity based upon findings that he neglected to cooperate with FINRA during its investigation into allegations of his conversion of customer funds while registered with Legend Securities. Letter of Acceptance Waiver and Consent No. 2017055226501 (May 8, 2018). According to the AWC, Decker did not provide information and documents to the regulator in 2018 after multiple requests had been made. Decker also neglected to testify in 2018 in response to accusations that had been made against him. FINRA learned in April of 2018 that Decker would not cooperate with its requests. His refusal constituted his violation of FINRA Rules 2010 and 8210.
Decker has been identified in eleven customer initiated investment related disputes containing allegations of his misconduct during the time that he was associated with securities broker dealers including VFinance Investments Inc. and Legend Securities. FINRA Public Disclosure confirms that Decker is the subject of a customer initiated investment related arbitration claim which was resolved for $32,500.00 in damages supported by accusations that the customer’s account was churned and that the customer had been defrauded. The claim alleges that negligence and the stockbroker’s misrepresentations led the customer to invest in unprofitable equities. According to the claim, a fiduciary duty had been breached by Decker.
Decker is referenced in another customer initiated investment related arbitration claim which was settled for $14,999.00 in damages based upon allegations of fraud and mismanagement of the customer’s accounts at Legend Securities. According to the claim, Decker violated FINRA rules in addition to his fiduciary responsibility to the customer. The claim alleges violations of Colorado securities laws and negligence which resulted in the customer’s losses. Another customer initiated investment related complaint involving Decker’s conduct was settled for $35,000.00 in damages supported by accusations that the customer was placed into unsuitable stocks and over-the-counter equities and that the customer’s account was not supervised.
Decker is also identified in a customer initiated investment related arbitration claim which has been resolved for $10,000.00 in damages supported by allegations that Decker defrauded the Legend Securities customer. The claim alleges Decker’s violation of a fiduciary duty and his excessive trading in the customer’s account.
Between April 3, 2017 and April 18, 2018, Decker was registered with Worden Capital Management LLC.