San Diego Accountant Tricked Investors Into Sinking $8.2 Million Into Phony ADU Venture

A California man convinced dozens of investors to pour millions of dollars into a real estate venture he claimed would deliver big returns through the construction of backyard homes.But the 30-year-old accountant lost more than $8.2 million of their money in risky stock market trades and not a single accessory dwelling unit (ADU) was built, prosecutors said. Ethan Joseph Sanchez, of San Diego, was sentenced to 63 months in federal prison after admitting to orchestrating the investment fraud scheme, the U.S. Attorney's Office for the Southern District of California announced Friday. “Ethan Sanchez exploited the trust of hardworking people and stole their savings through lies and fabricated investments,” U.S. Attorney Adam Gordon said in a statement. “This sentence reflects the profound harm he caused.” Sanchez, who was a certified public accountant at the time and operated through his business, BSC Equity Ventures LLC., repeatedly lied to his victims as to how their investment funds would be used, according to prosecutors. The scheme began back in 2022 when Sanchez allegedly began soliciting loans from investors, falsely claiming the money would fund real estate ventures, including ...