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ATTLEBORO - Two former Attleboro residents could be facing up to life in prison following their convictions in an investment scheme that allegedly bilked hundreds of victims - mostly ethnic Cambodians - of an estimated $27 million.

James Bunchan, 52, and Seng Tan, 57, of Quincy and Attleboro, were found guilty in U.S. District Court of multiple charges of conspiracy to commit mail fraud, mail fraud and money laundering.

The pair were executives in World Marketing Direct Selling and One Universe Online based in Canton, Attleboro and Boston that was called a pyramid scheme by prosecutors.

A third principal, Christopher Rochon, 56, of Warwick, R.I., pleaded guilty in an earlier plea arrangement.

Prosecutors said that instead of building a nest egg for clients, the corporate executives spent millions on lavish lifestyles that included luxury cars, gambling and high-priced entertainment. Bunchan was convicted on 33 of 37 counts and Tan was convicted on 21 of 37 counts. The pair face maximum penalties ranging from 5 to 20 years each on each count, according to a spokeswoman for the office of U.S. Attorney Michael J. Sullivan.

In the scheme that allegedly ran from October 2000 through November 2005, Bunchan, Tan and Rochon fraudulently solicited investments in the two companies and converted investors money to their own use, prosecutors said.

Investors were told that in return for a $26,000 investment, they or their heirs would receive $300 monthly payments.

The trio even urged potential investors to take out home equity loans to fund their stakes.'

For a short time, clients did receive payments, but the money eventually dried up and the trio tried to convince clients that their payments had been delayed for technical reasons. In reality, prosecutors said, the money had been spent.

Buchan and Tan have been incarcerated since November. Sentencing is scheduled for Sept. 18. Sentencing for Rochon is set for Aug. 29.

William Dunleavy of Comprehensive Social Services, who has worked extensively with the Attleboro area's Cambodian population, said that while the alleged scheme was wide ranging and involved victims in various parts of Massachusetts and across the country, he is unaware of anyone from the Attleboro area who lost money as a result of the fraudulent business dealings.