SAN DIEGO (CNS) - A San Diego man who solicited millions from investors under false promises of building accessory dwelling units — or ADUs — pleaded guilty Thursday to wire fraud charges.
Ethan Joseph Sanchez told investors that his company, BSC Equity Ventures, would use loaned money to build ADUs, including at a property in La Mesa, according to a grand jury indictment unsealed last year.
According to his plea agreement, Sanchez falsely told investors that he worked with a business that actually built ADUs in San Diego.
He also claimed to be part of a fake high-end real estate investment group and sent months of emails between himself and a supposed general partner of the investment group named "Richard Aguilar," who was actually Sanchez, according to the plea agreement. He then forwarded those email exchanges to victims in order to induce them to send him more money, the plea agreement states.
Rather than use the loaned money as promised, the funds were either lost "via risky day trades" or used to repay investors and pay his personal expenses, according to the plea agreement, which states the scheme's losses exceed $8.2 million.
Following Thursday's change of plea, Sanchez is slated to be sentenced in September.
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