Michael Winans Jr. Pleads Guilty!
Written by CNM247_Admin // October 08, 2012 // Drama, Latest News, Music News, The 9ine
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(CelebNMusic247) Michael Winans Jr. Pleads Guilty!
Michael Winans Jr. of the Winans gospel family has pleaded guilty to defrauding investors in an $8 million Ponzi scheme.
Word is, he was accused of using his church connections to find investors for phony Saudi Arabian crude oil bonds.
Here’s the drop:
In September, a member of the Michael Winans gospel-music family has been charged with fraud in an $8 million 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.
State regulators in 2010 said Winans used connections in Detroit churches to lure investors.
Michael has pleaded guilty in Federal court last week and now is facing up to 20 years in prison.
Michael Winans Jr. is set to appear in court on Feb. 27, 2013 for sentencing.
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