Richard Marvin Muhlberg of Cherry Hill New Jersey a stockbroker formerly employed by Sigma Financial Corporation and Sigma Planning Corporation is referenced in a customer initiated investment related arbitration claim where the customer was awarded $17,900.00 in compensatory damages based upon Muhlberg being found liable on the customer’s claims that (1) real estate investment trust transactions were effected in the customer’s account that were not suitable for the customer and (2) fraudulent margin-based transactions were placed in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-01317 (Nov. 7, 2018).
FINRA Public Disclosure confirms that Muhlberg has been twice sanctioned by securities regulators for engaging in misconduct in the securities industry. In particular, Muhlberg has been fined $10,000.00 and suspended from associating with any FINRA member in any capacity based upon findings that Muhlberg entered into an unapproved customer loan arrangement while associated with Sigma Financial Corporation, and Muhlberg lied to the firm concerning his borrowing of the customer’s funds. Letter of Acceptance Waiver and Consent No. 2015045751201 (Nov. 20, 2015). FINRA found Muhlberg’s conduct violative of FINRA Rules 2010 and 3240 as well as National Association of Securities Dealers (NASD) Rule 2370.
Subsequently, on December 15, 2015, Muhlberg was fined $3,500.00 and suspended from engaging in any investment advisory or securities related business in the State of New Jersey according to a New Jersey Bureau of Securities Consent Order based on findings that Muhlberg engaged in unethical and dishonest activities by borrowing customer funds.
Muhlberg was discharged by Sigma Financial Corporation on June 5, 2015 founded on allegations that he entered into an unauthorized loan arrangement with a customer of the firm.
