Sherman: 2 Texans convicted in $22M investment fraud scheme

FeaturesAssociated Press

Prosecutors say two Texas men have been convicted in a $22 million scheme using investment funds on fancy personal items including a Rolls-Royce.

Thurman Bryant III of Frisco and Arthur Franz Wammel of Houston were convicted Wednesday of conspiracy to commit wire fraud. Both await sentencing and could get 20-year federal prison terms.

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Jurors in Sherman heard testimony indicating Bryant and Wammel guaranteed a minimum 30% annual return and that many victims were family and friends.

Investigators say the men spent investors' money on home leases and improvements, pricey cars, jewelry and private school tuition. Prosecutors say Wammel used investment funds to pay for expenses related to a Rolls-Royce, a Ferrari and a Range Rover.