Over the course of the trial, a jury at London's Old Bailey criminal court heard allegations that Waugh worked as an amateur escort, and that the men were professional conmen with gambling habits who knew each other from prison.
In his opening statement, prosecutor Patrick Gibbs said Waugh once worked for an oil company in Libya, before returning to Britain. She may have met Bhayani through an advertisement she had put on the internet offering her services as an escort, he said.
"Like everyone else that has met Bhayani, she was taken in by him," Gibbs said. "She thought that he was her friend."
Bhayani and Kutner will be sentenced Thursday.
A third defendant, Elie Khoury, was acquitted of conspiracy to defraud.