California accountant gets 63 months in prison after $8.2 million backyard homes fraud

US District Judge sentenced Sanchez and ordered him to forfeit more than $8.2 million (AI image) A 30-year-old California accountant who persuaded people to invest millions of dollars in plans to build small homes on residential properties has been sentenced to 63 months in federal prison after admitting that he used their money for risky financial trading instead.Ethan Joseph Sanchez, from San Diego, took more than $8.2 million from investors by promising to use their funds for real estate projects, including the construction of accessory dwelling units (ADUs). However, no such homes were built, and the money was lost through risky day trading, according to the US Department of Justice.US District Judge Robert S Huie sentenced Sanchez on Friday and ordered him to forfeit more than $8.2 million. He was also directed to pay restitution to the victims, although the Justice Department's announcement did not specify a separate restitution amount.Sanchez was a Certified Public Accountant (CPA) when he carried out the scheme. According to his plea agreement, he repeatedly gave investors false information about how their money would be used. He convinced them to lend money to him and his ...