**Update** Michael Winans Jr. has been sentenced to 165 months in federal prison. See updated story and video here.
Michael Winans Jr., son of Michael Winans Sr. of the famous Winans gospel music family, will be sentenced this week for running a multi-million dollar Ponzi scheme. According to My Fox Detroit, the U.S. Attorney’s Office is recommending a sentence of twelve and a half years.
I really feel for the people that lost money after investing in Michael’s bogus Saudi oil bond. He’s gotten himself into a lot of trouble and he’s embarrassed his family.
People told me Winans had talked them into investing in a Saudi oil bond. Winans said he was already wealthy and wanted to teach average people how to invest like rich people do.
However, I found out there was no Saudi oil bond. Winans had taken money from more than 1,000 people to invest in something that didn’t exist. It was a complete sham made up by Michael Winans. It was a big story and made national news since this guy was a member of the Winans gospel music family, a recording star and a friend of big time celebrities. But he didn’t have any of his family or friends waiting for him after he plead guilty to wire fraud a few months ago, just me.
“Got anything to say to your victims?” I asked him.
“No comment,” he answered.
Video: Michael Winans Jr.-Ponzi Scheme