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San Diego Real Estate Agent Sentenced for Multi-Million-Dollar Ponzi Schemes | USAO-SDCA

Assistant U. S. Attorneys Oleksandra Johnson (619) 546-9769 and Valerie H. Chu (619) 546-6750

NEWS RELEASE SUMMARY – January 3, 2022

SAN DIEGO – Alexander Avergoon, a longtime San Diego real estate agent and businessman, was sentenced in federal court today to 64 months in prison for defrauding investors in several Ponzi real estate investment schemes.  As part of his guilty plea, Avergoon also admitted to participating in multiple tax evasion and fraud schemes with Rabbi Yisroel Goldstein, former director at Chabad of Poway.

Avergoon was ordered to pay $9,679,306.70 in restitution to several victims. The Court also ordered Avergoon to forfeit to the United States the amount of $5,205,234.41 as proceeds of illegal conduct and property involved in the offense. 

“This defendant is a prolific fraudster who has stolen millions of dollars from the many victims of his devious schemes,” said U.S. Attorney Randy Grossman. “It’s now his turn to pay the price for his crimes.” Grossman thanked the prosecution team, the FBI and the IRS for their dedication to achieving justice in this matter.

“The defendant participated in complex financial schemes which defrauded private citizens out of millions of dollars,” said FBI Special Agent in Charge Suzanne Turner. “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…

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