NEW YORK (CBSNewYork/AP) — A former NYPD sergeant has been sentenced to nearly five years in prison for his role in a real estate fraud scheme.

U.S. District Judge John Koeltl on Friday sentenced James Monahan to four years and 10 months in prison, and ordered him to forfeit $4.7 million for causing 94 investors to lose that amount, according to published reports.

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Monahan said he was “deeply sorry” before the sentence was announced.

Monahan, of Manhattan, pleaded guilty in May 2013 to conspiracy and wire and mail fraud. Prosecutors said he caused investors to provide money for a real estate project he claimed to be building in the Dominican Republic before misappropriating the funds.

The real estate project was never built and investors who contributed from October 2008 through February 2009 lost all of their money.

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Monahan, 44, was a former sergeant in the Police Department.

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