Wednesday, February 27, 2013

Michael Winans Sentenced to 14 Years in Prison For Ponzi Scheme

Three years after news broke that members of the Winans family were behind a massive multi-million Detroit-area Ponzi scheme, Michael Winans Jr. was sentenced today to nearly 14 years in prison for financially defrauding more than 1,200 investors in an $8 million pyramid scheme. The 30-year-old pled guilty last October to wire fraud and after hearing from victims -- some said the scheme to sell Saudi Arabian oil bonds robbed some people of their life savings, caused divorces and fractured many families -- the judge sentenced onetime Grammy nominee to 13 years and 9 months in federal prison and ordered him to pay his victims $4.8 million in restitution. Michael told the court he "did make mistakes” that caused “financial and emotional damage. For that I repent.” He added: There was no “malicious intent on my part…I wanted people to have a good life.” Good riddance.

Sidebar: This criminal is the grandson of Delores "Mom" Winans and David "Pop" Winans Sr., and the son of Michael Winans Sr., a member of The Winans. His uncle, Marvin Winans, gave the eulogy at Whitney Houston's funeral.

source: Detroit Free-Press
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