PHOENIX (AP) — The owner of a real estate company faces prison time after pleading guilty to fraud, theft and forgery charges resulting from a scam that authorities say bilked dozens of Phoenix-area families.

A plea agreement with state prosecutors calls for Montecristo Properties owner Francisco Aguirre to spend 7.5 years in prison and pay $2 million in restitution to the victims.

Aguirre's sentencing in Maricopa County Superior Court is scheduled for Feb. 12.

The Arizona Attorney General's Office says many of the 40 families that were victimized had to vacate homes after they had already paid Aguirre thousands of dollars in what they believed were down payments and monthly mortgage payments.

The office says Aguirre in some cases tried to sell the same home twice to two separate victims.