- Associated Press - Thursday, April 4, 2019

SHERMAN, Texas (AP) - 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.

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.

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide