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Laminar fMRI using GE-BOLD is vulnerable to spatial blurring from intracortical veins, while multivariate pattern analysis (MVPA) is often assumed to mitigate these biases. Yet, this assumption has not been systematically investigated. We thus developed a mechanistic laminar response model that simulates voxel-wise patterns across cortical depths, incorporating a vascular draining model. We conducted simulations in which the ground-truth signal originated in a single, several, or across all layers, and applied standard MVPA decoding before and after deconvolution of the draining effect. Decoding accuracies were consistently influenced by draining veins: deep-origin signals yielded above-chance decoding in superficial layers, and null scenarios produced false positives in middle or deep layers. Vascular deconvolution enhanced specificity in single-layer cases but did not resolve ambiguities in null decoding profiles. Simulating six thinner layers improved decoding accuracies, especially in the deconvolved signal scenarios. These findings demonstrate that multivariate techniques are not inherently immune to vascular biases, but also demonstrate that careful modeling can help correct draining effects.