San Diego real estate agent sentenced to over 5 years for multiple Ponzi schemes

Two convicted for multiple crimes

SAN DIEGO, Calif. (KYMA, KECY) - Alexander Avergoon has been sentenced to 64 months in prison for his involvement in several Ponzi investment schemes and admitted to multiple tax evasion and fraud schemes.

Avergoon, a San Diego real estate agent, cooperated with Rabbi Yisroel Goldstein in these schemes.

Over $9,000,000 has to be paid out by Avergoon for restitution of several victims and over $5,000,000 towards the United States for any property involved.

“This defendant is a prolific fraudster who has stolen millions of dollars from the many victims of his devious schemes,” U.S. Attorney Randy Grossman said. “It’s now his turn to pay the price for his crimes.”

Avergoon pleaded guilty in July 2020 and also admitted how his crimes, alongside Goldestein's crimes, took place between 2010 and 2015.

“The defendant participated in complex financial schemes which defrauded private citizens out of millions of dollars,” FBI Special Agent in Charge Suzanne Turner said. “The FBI will continue to work with our law enforcement partners to root out all forms of financial fraud which not only hurt the victims, but also negatively impact those who rely on individual donors and investors to conduct legitimate business.”

Avergoon used shell companies to create fake invoices for services which never happened, which allowed for any extra money to put into his pockets.

This was only one of many ways Avergoon and Goldstein played out their schemes.