Nevada, Wisconsin men convicted in $10 million fraud scheme

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LAS VEGAS (AP) — Two men from Nevada and Wisconsin have been found guilty in a $10 million investment fraud scheme involving a Swiss company.

The Justice Department announced Tuesday that 48-year-old Anthony Brandel of Las Vegas and 69-year-old James Warras of Waterford, Wisconsin were convicted by a federal jury in Nevada of conspiracy, wire fraud and securities fraud.

Authorities say the two conspired with the Swiss company Malom, or Make A Lot of Money, Group AG to ask investors for up-front payment for access to investment opportunities and cash loans.

But the set up was fraudulent and prosecutors say they fabricated bank documents to lure the investors, including a sworn affidavit from Warras in U.S. Bankruptcy Court in New Hampshire.

Sentencing is scheduled for March.

The men couldn't immediately be reached for comment.

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