BREAKING NEWS: Michael Winans Jr Charged With Running Ponzi Scheme

BREAKING NEWS: Michael Winans Jr Charged With Running Ponzi Scheme

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According to My Fox Detroit, Michael Winans Jrhas 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.

No other Winans family members were involved.

The video below is from a previous Hall of Shame investigation

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