A 4th District courtroom on Monday was packed to overflowing with the investors, most of them elderly, almost all of them there to plead for Michael J. Fitzgerald's freedom.

"I believe in Michael Fitzgerald," investor Floy Harley told the judge. "I know that he has a good heart and the intent to pay back all that has been lost. I sincerely ask that the court will allow him the time to bring this plan into fruition."

The plan is the development and sale of a Beverly Hills, Calif., property that Fitzgerald says will recoup a large amount of the money lost by those who invested in his real estate development company.

Fitzgerald, 51, pleaded no contest to second-degree felony securities fraud in 2004, but avoided a prison sentence by agreeing to pay $23 million in restitution on a strict timetable. When he failed to meet payment deadlines, sentencing was scheduled for this summer.

After listening to 24 investors take turns pleading with the court to let Fitzgerald remain out of prison so he could attempt to repay some of their lost life savings and retirement funds, Judge Samuel McVey waived prison time in favor of five days in jail and 15 years of probation.

"The five days in jail will let you look forward to what you'll be facing on a real long-term basis should you not meet the terms of your probation," McVey warned Fitzgerald.

Fitzgerald will serve 36 months probation for each felony count to which he pleaded, but McVey said he faces the likelihood of at least 48 months in prison if progress is not made in repaying the more than $20 million he still owes in restitution.

If it were not for the possibility of restitution, McVey said, there would be no question about sending Fitzgerald to prison.

"If it takes my whole life, that is all my goal . . . to pay these people back," Fitzgerald told the judge.

Fitzgerald and a number of the investors who spoke placed most of the blame for his company's failure on his brother, Charles Elliott Fitzgerald, who is being prosecuted by California and federal authorities for stealing investment money and fleeing the country.

"I think if not for Elliott, we would not be here," said Jillian Mowser, an investor who said she flew in from San Diego to represent her family's $2 million investment. "I believe Michael was trying to run an honest business that was dragged down by his dishonest brother."

Mowser and several other investors told the judge they had stood on the Beverly Hills property, known as Clearview, and were confident of its value.

The owners of the Clearview property offered in April to deed 1.5 percent of its interest to Fitzgerald's investors and split the profits 50/50 with Fitzgerald if he would take charge of its development, said Brian Hansen, who represents the property owners.

Judge McVey said he expected to see significant progress in time for a review hearing set for Dec. 22.

shunt@sltrib.com