• Michael Winans Jr. Gets Nearly 14 Years In Prison For Ponzi Scheme

    Comments:  | Leave A Comment

    -

    A member of the gospel music Winans family has been sentenced to nearly 14 years in prison for an $8 million financial scam.

    Two of Michael Winans Jr.’s victims spoke in Detroit federal court Wednesday, saying the scheme devastated families.

    Attorney Hammoud had asked for a sentence within the guidelines, which range from 12 1/2 years to 15 1/2 years in prison.

    Winans sold oil bonds to more than 1,000 investors in 2007 and 2008.

    He promised 100 percent returns in two months then used the money for personal expenses or to pay off earlier investors. About 600 people are still owed nearly $5 million.

    Winans eventually learned the bonds were phony but didn’t tell investors and kept collecting money.mike winans jr

    Join the Conversation! Share and Discuss!

    Tags: »

    • More Related Content

    Comments

    blog comments powered by Disqus
    Follow

    Get every new post delivered to your Inbox.

    Join 352 other followers