SHERMAN, Tex. (KXII) Two Texas men have been ordered to pay more than $9 million each for an investment fraud scheme.
Thurman Bryant II, 46, of Frisco and Arthur Franz Wammel, 46, of Houston were convicted in April 2019 of conspiracy to commit wire fraud. The two were sentenced Jan. 19.
Bryant was sentenced to 20 years in federal prison and ordered to pay $9,103,088.12 in restitution.
Wammel was sentenced to 11 years and four months in prison and also ordered to pay the same amount in restitution.
Prosecutors argued Bryant told investors they would receive a minimin 30% annual return on investments and then funneled the money to Wammel. They say more than $22 million was given by investors to the scheme.
Prosecutors said the two used that money on personal expenses such as home leases, home improvements, car leases, expensive jewelry, private school tuition and expensive cars.
“The defendants’ Ponzi scheme hurt people badly,” said U.S. Attorney Joseph D. Brown. “Many of the victims were friends and family of these men, and the amount of loss was just tremendous. The length of their sentences reflect that.”