CALGARY -- A former executive of a failed Calgary-based real estate investment company has pleaded guilty for his part in a multimillion dollar fraud.

Varun Aurora, who is 33, also agreed Friday to pay $1 million in restitution for his involvement with Concrete Equities.

The firm, which went into receivership in 2009, raised money from Canadian investors to buy undeveloped beach properties in Senora, Mexico, called the El Golfo de Santa Clara Project.

About 1,200 victims are believed to have lost more than $23 million.

Crown prosecutor Steven Johnston said units were sold for $10,000 each, and the biggest investor lost $1 million.

"It is a very real loss for these people," he said. "It's not something that can be swept under the rug."

Johnston said Aurora's moral blameworthiness was much lower than others involved in the scam.

"Mr. Aurora, by the accounts of the witnesses ... essentially was brought in because he was naive, used because he was naive and now he's going to be sentenced because he is naive."

He said Aurora's father lost $900,000 in the company.

False information was given to investors and funds were diverted to other business ventures outside of the investment agreement between 2007 and 2009.

A total of 98 victim impact statements were filed with the court. Many people expressed anger that they would have to work longer to make up for the lost money.

Muriel Shaw wrote that it has affected her personal life as well.

"The changes to my lifestyle has become so bad my marriage is suffering, my nerves are bad and my memory is poor," Shaw wrote.

"I'm unable to talk to friends and family. I have no patience with children. My husband is suffering from bad moods. Our investment was to go into our future."

Aurora's lawyer, Brian Beresh, said his client has turned his life around and noted he pleaded guilty for his part in the fraud.

"I'm going to ask that you not attach the same sort of weight to the victim impact statements ... because those individuals were not informed of the admitted culpability," Beresh said.

"Had they been, their comments might have been somewhat tempered."

The $1 million that Aurora has paid the court will be held for six months while the Crown seeks more witnesses. But for every $10,000 invested, the victims will only receive $428.45.

The judge received a joint submission for a conditional sentence of two years less a day and will deliver her decision next Wednesday.