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SAN DIEGO — A San Diego real estate agent who allegedly stole more than $12 million from investors in a long-running fraud scheme was arraigned in federal court Friday on wire fraud, identity theft and money laundering charges.

Alexander Avergoon, 43, was arrested in Latvia in October following the unsealing of a federal indictment which accuses him of telling investors he would use their funds to buy properties in San Diego County, then pocketing the money for himself, according to the U.S. Attorney’s Office.

Prosecutors allege Avergoon arranged fake real estate purchases, telling victims he was partnering with them to purchase local apartment buildings and commercial office space. Though he never bought the buildings, Avergoon made regular monthly payments to the victims, which were supposedly rent payments from tenants at the nonexistent properties, the indictment alleges.