A federal fugitive indicted in a multi-million-dollar fraud has been extradited to Atlanta, federal prosecutors announced Wednesday.
Andrew Avery, 39, formerly of Dunwoody, fled to Thailand in 2010 after the Securities and Exchange Commission filed a lawsuit to shut down his real estate investment company, federal authorities said.
“This defendant is charged with taking advantage of unknowing investors, stealing millions of dollars with false promises and misrepresentations about the profitability of purported real estate investment notes sold by New Day Atlanta Financial,” Acting U.S. Attorney John Horn said in a statement.
Avery told investors his company sold premium real estate investments in its Magnolia Fund with a high rate of return, while concealing that its properties were worth far less than $6 million in the fund, Horn said.
More than 70 investors lost over $3 million as a result of Avery’s misrepresentations, federal authorities said.
Avery was indicted in October on wire and mail fraud charges and arrested in Thailand on Jan. 26.
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