A federal jury convicted two former Maui residents for bilking 166 investors out of millions of dollars through a Ponzi scheme dubbed "The Parking Lot."

The jury found George Lindell, 67, and Holly Hoaeae, 40, guilty Wednesday of eight mail fraud and two wire fraud charges each, using a scheme associated with their mortgage and insurance business on Maui. Lindell was also convicted on four counts of money laundering.

The investor funds helped furnish their luxurious lifestyles, the U.S. Attorney’s Office said.

Lindell built a $3.5 million house above Lahaina. Hoaeae paid for trips and cars as well as extensive credit card debt.

According to evidence presented during the 25-day trial, the two used radio ads, magazines and a weekly radio show to lure investors to attend weekly workshops at "The Mortgage Store," where they taught seminars to "harness" the equity in their homes for investment purposes.

The 166 people invested $26 million in the scheme and lost a net of $8.9 million.

Lindell and Hoaeae used their status as mortgage brokers to refinance investors’ houses to take the equity in their homes for investment purposes, U.S. Attorney Florence Nakakuni said in a news release.

The two told potential investors they could park their money in The Parking Lot, claiming it was safe.

In reality, they invested in junk bonds and/or marginal real estate investment activity.

The pair also took new investor funds to pay existing investors, Nakakuni said.

Lindell and Hoaeae will be sentenced Sept. 9, by U.S. District Judge Derrick Watson.