SAN DIEGO -- A former San Diego-area insurance agent who stole millions of dollars from seniors by duping them into phony investments pleaded guilty today to financial elder abuse and failing to file a 2001 tax return.

Glenn Martin III, 57, entered his plea on the day his preliminary hearing was to go forward. He was immediately sentenced by Judge John Thompson to nine years and eight months in state prison.

Martin's plea agreement also calls for him to make restitution of more than $2.2 million, said Deputy District Attorney Lisa Crawford.

Thirty-five of the 37 counts against the defendant were dismissed as a result of the plea bargain, the prosecutor said.

Martin's scams materialized as fake promissory notes came due, and victims complained to authorities that no money was paid out, prosecutors said upon Martin's arrest in July.

He used "bogus" seminars and solicitations to dupe seniors into investing their money in various schemes between 2001 and 2003, authorities said.

Seniors were told they could get 20 to 24 percent returns on their investments, according to prosecutors.