SAN DIEGO—A former San Diego real estate agent was sentenced on Jan. 3 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 out the properties. However, prosecutors said he didn’t use the investor funds to buy properties, and he forged documents in order to make the investments appear legitimate. Avergoon made regular monthly payments to the victims, which were supposedly rent payments from tenants at the nonexistent properties, prosecutors alleged. In the defense’s sentencing papers, Avergoon and his attorney said the former realtor engaged in the crimes out …