Federal Jury Finds Investment Advisors Guilty of Wire Fraud
In a Texas federal court, a jury found Thurman Bryant III of Frisco, Texas, and Arthur Franz Wammel of Houston guilty of conspiracy to commit wire fraud.
Investors Duped by their Advisors
According to court records, Bryant and Wammel committed conspiracy to defraud investors out of $22 million.
Bryant told investors that their money would be invested in a secure account that promised a 30 percent return, when he actually was giving the money to Wammel, who placed the money in high-risk securities accounts and lost it all.
Advisors Used Money for Personal Expenses
According to the report, Bryant, through his company Bryant United Capital Funding, spent around $6 million of investors’ money on personal expenses and returned some money to investors as purported returns on their investments, in Ponzi-scheme fashion. He further provided false documents to investors reflecting allegedly profitable investments.
The money also was sent to Wammel’s company Wammel Group, LLC where Wammel lost the money in risky investments and pocketed some of the money for personal use.
Advisors Found Guilty and Waiting Sentencing
Bryant and Wammel were taken into federal custody after they were found guilty and are awaiting sentencing. They could each receive 20 years in federal prison.
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