SHERMAN (CBSDFW.COM/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, operating Bryant United Capital Funding of Katy, and Wammel, operating the Wammel Group, guaranteed a minimum 30% annual return and that many victims were family and friends.

Investigators say the men spent investors' money for lavish expenses including paying $18,000 a month to rent a house in Frisco, 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 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)