Alexander Avergoon received a 64 month sentence in federal court on Monday.
SAN DIEGO — A former San Diego real estate agent was sentenced Monday to more than five years in prison for orchestrating a fraud scheme that bilked investors out of millions of dollars.
Alexander Avergoon, who was also ordered to pay nearly $10 million in restitution, pleaded guilty to federal charges in connection with what prosecutors described as a series of investment fraud schemes spanning nearly a decade.
According to the U.S. Attorney’s Office, Avergoon, 46, persuaded more than a dozen investors to partner with him to buy real estate properties such as apartment buildings and split the income from renting out the properties.
However, prosecutors said he didn’t use the investor funds to buy properties, and forged documents in order to make the investments appear legitimate.
The U.S. Attorney’s Office also said Avergoon purported to use investor money to fund short-term, low-risk loans and created fake loan agreements and other doctored documents.
Using investor funds, Avergoon made regular monthly payments to the…