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 have the best legal firm in the country to defend me. Awesome job!

Cindy C.


August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.

August 10, 2022
UBS Wealth Group’s Legal Costs Skyrocket in Q2

UBS Wealth’s litigation expenses have substantially spiked in the second quarter as the firm has faced a host of investor complaints and regulatory probes into UBS’ volatile Yield Enhancement Strategy (YES).