SAN DIEGO (KGTV) — Federal authorities are accusing a San Diego man of running a multimillion-dollar investment fraud and are asking the public for more information about Ethan Sanchez.
"It was always lie after lie. And then it became so obvious that this was a Ponzi scheme," said Brooke, who only wanted to use his first name due to privacy concerns with Sanchez's ongoing criminal trial.
Brooke said he trusted Sanchez because of "honesty and good faith and thinking that someone who comes from good people, good parents, who has references."
WATCH — Anchor Melissa Mecija spoke to investors about the financial toll they are now facing:
Brooke, who was retired, said he was introduced to Sanchez through an online investment group. Sanchez told him he needed a loan to help with refinancing a portfolio of properties, and in return, Brooke would make money on the interest.
Brooke said his initial investment was $40,000 in December 2023.
According to a demand letter Brooke showed ABC 10News, he gave Sanchez multiple loans and eventually asked for his money back. The largest one-time loan he gave was $150,000 in late 2023.
Brooke said Sanchez would pay back "dribs and drabbles. $700 here, $800 there, $5,000 here."
"But the money that I lent him was from a home equity line of credit, so I'm having to pay interest on it,” Brooke said. “The money he paid me back, it's already been eaten up by the home equity interest.”
The federal indictment says Sanchez – who also used the name Richard "Rick Aguilar" – was a manager with BSC Equity Ventures.
The FBI alleged Sanchez solicited loans to the company and falsely told investors the money would buy and renovate property. Sanchez promised a high rate of return to many investors, including interest up to 25%.
"He's super smooth," said Tracy, another investor who also only used her first name for privacy concerns.
Tracy said she first met Sanchez in early 2024 when she was out with a friend. Sanchez asked what she did for work.
"I said I own a promotional products company, and we sell swag and stuff, and he said you should give me your card," Tracy said.
Tracy said Sanchez called her about a week later, but it wasn't about her job. It was about a real estate deal out-of-state.
"I ended up signing an agreement where I gave him money for this property," Tracy said.
Tracy said she invested more than $25,000 total. After a few months and many unanswered questions, she wondered what happened to her investment.
"He's always had some good excuse," Tracy said.
Tracy said she ended up calling the 29-year-old's mother. After that, he finally returned some of her investment.
"I was able to get all of my money, my principal and I got some of my interest as well, but not all of it," Tracy said.
Others like Brooke are not so lucky.
"He put hurt on a lot of people, a lot of people, a lot of people. I mean, I was retired. I'm out of retirement now having to go back to make this money back to put it back," Brooke said.
According to court documents, Sanchez "is charged with a multi-year wire fraud scheme involving (at least) dozens of victims."
Prosecutors say the scheme dates to 2022. As of February 2025, the company's financial accounts received more than $6 million with Sanchez returning less than $1.8 million.
"He found prominent people actually and he was just so good at what he, you know, wanted to pitch that. People believed it. He even got money from a CFO in San Diego," Tracy said.
"This is big money for people that have saved all their lives and now they have, they don't have it," Brooke said.
The FBI arrested Sanchez in late October.
He faces charges of wire fraud and money laundering. The crimes carry a maximum penalty of 20 years in prison.
"This guy would never stop. He would call you as long as you were given money or had money and he knew it, like he could smell it like a shark," Brooke said.
Sanchez has already pleaded not guilty to wire fraud.
His next court date is scheduled for January 9.
ABC 10News reached out to Sanchez’s lawyer via email and phone but have yet to hear back.
The FBI is seeking potential victims. You can fill out this form if you have information. You can also email: BSCEquityVictims@fbi.gov.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
