Two men were convicted of federal fraud charges Tuesday in connection with a housing development called The Preserve in Dade County.

A jury found Marion County Tennessee residents Joshua Dobson and Paul Gott III guilty on seven of the 12 counts against them in federal court. Both now face prison time on convictions including wire fraud, conspiracy and money laundering in the vacation home scam.

The two men were using "gift letter" and "buyback option" schemes to defraud investors and banks, in violation of federal law.