Michael Winans Jr., a member of gospel music’s first family, the Winans, was sentenced to nearly 14 years in prison for an $8 million Ponzi scheme that was promoted in church pulpits. According to MyFoxDetroit, two of Michael Winans Jr.’s victims spoke in federal court Wednesday, telling a judge that the scheme to sell Saudi Arabian oil bonds robbed some people of their life savings, caused divorces and fractured many families.
“I want to apologize to everyone. … These were decisions that were negligent and irresponsible,” said Winans, of Jessup, Md.
He said he had no “malicious intent” but acknowledged that he continued to collect money even after he learned that the bonds were bogus.
Winans attracted more than 1,000 investors in 2007 and 2008, although he didn’t know them all because many were recruited by others through word of mouth. 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 $4.7 million. Source
Michael Winans Jr., 30, is the son of Michael Winans Sr., a members of the The Winans quartet of brothers. People, you have to learn not to fall for these scams. No-one should promise you a 100 percent return on an investment and you fall for it. It’s a scam.