Michael Winans Jr sentenced to nearly 14 years in prison | Music News

michael-winans-jr

Michael Winans Jr of the famous gospel family The Winans was sentenced to nearly 14 years in prison for his role in a $8 million financial scam similar to the Ponzi scheme that brought down Bernie Madoff. According to Fox 2 News Detroit, 30 year old Winans attracted more than 1,000 investors through 2007 and 2008, though not all personally, into a scheme that involved investing in Saudi Arabian oil bonds with the promise of 100 percent returns in two months. Unfortunately, the money was used to pay Michael’s personal expenses and earlier investors.
A reported 600 people are still due close to $4.7 million. Winans, who reportedly made many of his pitches from church pulpits, will be ordered to pay $5 million in restitution and will turn himself in at a later date.

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