Ex-Adviser Liable for $4.6M in Damages to Actress, Four Others

Posted on December 16th, 2013 at 3:00 PM

Rafael R. Sanchez, a former California financial advisor who already has been banned from the securities industry, was ordered to pay five investors, including actress and singer Maria Conchita Alonso, a total of about $4.6 million in damages for steering them into a risky real-estate fund that he ran. 

As a representative of MAM Wealth Management LLC in Sherman Oaks, Calif., Mr. Sanchez invested his clients' money into the MAM Wealth Management Real Estate Fund, of which he was the chief financial officer. The fund made real-estate loans secured by second mortgages, in some cases to borrowers in financial distress. By 2010, the fund stopped making distributions to investors. According to the SEC, while the fund was described as "speculative" and high-risk in its prospectus, Mr. Sanchez told clients it was a safe and liquid investment. 

Related Attorneys: James J. Eccleston


Return to Archive



I just received this letter from the CFP Board. Thank you, Thank you, THANK YOU!

David Y


May 20, 2024
Financial Advisor Faces Prison for Defrauding Military Families

A former financial advisor, Caz Craffy, faces a 20-year prison sentence for defrauding families of deceased military servicemembers, raking in over $1 million in commissions along the way.

May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.