Decker & Co, LLC has agreed to pay a positive of $35,000 as part of a settlement with the Monetary Business Regulatory Authority (FINRA).
In December 2019, and once more from April 2020 to June 2020, Decker carried out a securities enterprise whereas it failed to take care of the required minimal internet capital. In consequence, Decker violated the Securities Trade Act of 1934 (Trade Act) § 15(c), Trade Act Rule 15c3-1 promulgated thereunder, and FINRA Guidelines 4110(b) and 2010.
In December 2019, the agency cleared trades by way of a clearing agency and was topic to a minimal internet capital requirement of $19,465. As of December 31, 2019, the agency had didn’t accrue $152,117 in liabilities, leading to a internet capital deficiency of $57,519. The agency carried out a securities enterprise on this date.
On April 10, 2020, the agency terminated its clearing association, which triggered the agency’s minimal internet capital requirement to extend to $250,000. Between April 30, 2020, and June 30, 2020, the agency was internet capital poor by quantities starting from $359,575 to $447,033. On October 28, 2020, the agency filed a discover with FINRA beneath Trade Act Rule 17a-11 that it had engaged in securities enterprise whereas under its required minimal internet capital throughout this time interval.
From December 2019 to June 2020, Decker failed to take care of books and information precisely reflecting the agency’s liabilities and internet capital ranges and filed inaccurate Monetary and Operational Mixed Uniform Single (FOCUS) experiences. In consequence, Decker violated Trade Act § 17(a), Trade Act Guidelines 17a-3 and 17a-5, and FINRA Guidelines 4511 and 2010.
From April 2020 to not less than March 2022, the agency didn’t file an software for approval of a fabric change in enterprise operations to mirror that it will be chaperoning trades and not using a clearing agency, in violation of FINRA Guidelines 1017 and 2010.
Lastly, the agency didn’t conduct required unbiased testing of its anti-money laundering program for the years 2017 by way of 2020, in violation of FINRA Guidelines 3310(c) and 2010.
Along with the positive, the agency has agreed to a censure.
