Tara K. McGrath, U.S. Attorney | U.S. Attorney for the Southern District of California
Carlos Manuel da Silva Santos, the founder and CEO of Ethos Asset Management, Inc., based in San Diego, has pleaded guilty to charges of wire fraud conspiracy and aggravated identity theft. The plea was entered in federal court following his arrest on November 13, 2023, in Newark, New Jersey.
Santos admitted to misleading prospective borrowers by presenting Ethos as a "full-service project financing" company that required upfront fees as collateral for loans. Despite collecting these fees, Ethos often failed to provide the promised funding. He also confessed to falsifying financial statements to inflate Ethos's available funds and forge signatures on financial documents.
The fraudulent activities resulted in $17,125,000 in losses for U.S.-based victims alone. According to U.S. Attorney Tara McGrath, “Untold numbers of people fall victim to fraud schemes every year.” She emphasized the commitment of the U.S. Attorney’s Office to pursue accountability and restitution.
Shawn Gibson from Homeland Security Investigations (HSI) highlighted the dedication of agents involved: “Today’s guilty plea underscores Homeland Security Investigation’s (HSI) unwavering commitment to combating financial crimes.”
Sentencing is set for April 18, 2025. The case is being handled by Assistant U.S. Attorneys E. Christopher Beeler, Carl F. Brooker IV, and Amy B. Wang.
Individuals who believe they are victims are encouraged to contact Homeland Security Investigations at ethos-victim@hsi.dhs.gov.
Carlos Manuel da Silva Santos is facing up to thirty years in prison for wire fraud conspiracy and an additional mandatory two years for aggravated identity theft.
