Michael Winans Jr charged with running Ponzi scheme

pinit fg en rect gray 28 Michael Winans Jr charged with running Ponzi scheme
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michaelwinansjr Michael Winans Jr charged with running Ponzi schemeAccording to My Fox Detroit, Michael Winans Jr has been charged with fraud in an 8 million dollar scam involving bogus bonds.

Federal prosecutors in Detroit filed the charge this week against Michael Winans Jr. His attorney, William Hatchett, said Thursday that a guilty plea is expected at an undetermined date.

The government says Winans knew the Saudi Arabian oil bonds weren’t real, but he continued to accept money from more than 1,000 investors in 2007 and 2008. The court document says Winans recycled the money among investors and also used cash for his personal use.

Winans is a third-generation member of the Winans family–the son of Michael Winans Sr. No other Winans family members were involved.

The video below is from a previous Hall of Shame investigation.

Fox 2 News Headlines

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  1. Bernard A says

    TO WHOM IT MAY CONCERN,
    HOW CAN I FIND OUT HOW TO GET MY MONEY BANK. I HAD $12,000 DOLLARS INVESTED IN THESE BOGUS BONDS.
    MY FAMILY SUFFERED FOR OVER A YEAR TO GET BACK ON OUR FEET. I DO HAVE RECEIPTS FROM THE BANK. PLEASE RESPOND AND ADVISE.

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