BISMARCK, N.D. — A former North Dakota securities and insurance agent has been sentenced to 11 years and three months in federal prison for swindling about 40 people out of millions of dollars over a 15-year-period.

Authorities say 56-year-old Kevin Wanner, of Bismarck, financed a lavish lifestyle with money obtained through sham investments. His attorney maintained Wanner’s gambling addiction was the root of his criminal activity.

Wanner was indicted in August 2017 and pleaded guilty in March to mail fraud and money laundering. He was sentenced Monday in a courtroom packed with both victims and family members. Wanner addressed both sides, tearfully apologizing.

U.S. District Judge Daniel Hovland called the case “sad on multiple levels.”

Two Minnesota-based brokerages for which Wanner worked agreed earlier to pay $3 million to his victims.