SAN DIEGO — This is an official press release from the U.S. Department of Justice (USAO - California, Southern), published as received.
SAN DIEGO – Ethan Joseph Sanchez was sentenced in federal court today to 63 months in prison for orchestrating a fraud scheme in which he stole over $8.2 million from victims by tricking them into investing in bogus plans to build accessory dwelling units.
U.S. District Judge Robert S. Huie also ordered Sanchez to forfeit over $8.2 million and to pay restitution to victims.
Sanchez, a Certified Public Accountant during the scheme, admitted in his plea agreement to lying to victims repeatedly to convince them to loan money to him and his business entity, BSC Equity Ventures, LLC Sanchez’s lies included that victims’ money would be used to fund real estate transactions, like building accessory dwelling units (“ADUs”) on specified properties, and that he would promptly return both principal and interest to victims. Unbeknownst to the victims, Sanchez did not fund any real estate transactions or build any ADUs, rarely returned any money, and instead lost the money via risky day trades.
Several victims spoke at the sentencing hearing today. One described the pain that Sanchez had caused him and praised law enforcement: “He was caught by the FBI, thank God.”
In imposing sentence, Judge Huie noted that Sanchez’s scheme was “aggravated and reprehensible,” and that Sanchez used victims to recruit other victims—sometimes their own family members. Judge Huie described the “almost unimaginable” harm Sanchez had caused victims by stealing the money they had earned, and that the harm was moving, heartbreaking, and much greater than just financial loss.
“Ethan Sanchez exploited the trust of hardworking people and stole their savings through lies and fabricated investments,” said U.S. Attorney Adam Gordon. “This sentence reflects the profound harm he caused.”
“Ethan Sanchez betrayed the trust of innocent investors and stole their hard‑earned savings through calculated lies,” said Special Agent in Charge Mark Remily of the FBI San Diego Field Office. "Today’s sentence underscores the FBI’s commitment to pursuing those who exploit members of our community for personal gain. We will continue working with our partners to ensure fraudsters are held accountable and victims receive justice.”
This case is being prosecuted by Assistant U.S. Attorney Eric R. Olah, with prior assistance from Assistant U.S. Attorney Sarah Akhtar.
DEFENDANT Case Number 25-cr-04062
Ethan Joseph Sanchez Age: 30 San Diego, CA
SUMMARY OF CHARGES
Wire Fraud – Title 18, U.S.C., Section 1343
Maximum penalty: Twenty years in prison; $250,000 fine or twice the gross gain or loss
Money Laundering – Title 18, U.S.C., Section 1957
Maximum penalty: Twenty years in prison; $250,000 fine or twice the gross gain or loss
INVESTIGATING AGENCY
Federal Bureau of Investigation
