Former San Diego Real Estate Agent Sentenced to Prison for Fraud Scheme

SAN DIEGO - A former San Diego real estate agent was sentenced today 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 nearly decade-long investment fraud scheme involving real estate.

According to the U.S. Attorney's Office, Avergoon convinced investors to partner with him to buy real estate properties such as apartment buildings

and split the income from renting...