*A member of the gospel singing Winans family is being accused of running an elaborate Ponzi scheme that swindled millions of dollars from nearly 200 investors.
Michigan regulators say Michael Winans Jr. led a fraudulent, multimillion-dollar investment program by promoting bogus Saudi Arabia oil bonds. Winans allegedly told investors they could double their money in 60 days and police identified at least 180 investors, reports the Associated Press.
The Office of Financial and Insurance Regulation issued a cease-and-desist order Thursday, although Commissioner Ken Ross says the alleged scheme probably stopped at the end of 2008.
Ross says the scheme was worth at least $2.6 million but could’ve been as high as $11 million. He says Winans used connections in churches to get investors.
tsk, tsk. guess everybody in the family can’t sing.
With all the money his family has and he could have gotten a job “within”? and didn’t take advantage of it? what a jerk!! Has the posting family noticed how lame the topics are on this site?
Yes, nightshift – this site is not the same since it changed. I wonder where all of the posters went, cause, they ain’t here no more…..
Jeremiah 13:13 Then shalt thou say unto them, Thus saith the LORD, Behold, I will fill all the inhabitants of this land, even the kings that sit upon David’s throne, and the priests, and the prophets, and all the inhabitants of Jerusalem, with drunkenness. 13:14 And I will dash them one against another, even the fathers and the sons together, saith the LORD: I will not pity, nor spare, nor have mercy, but destroy them.
( the lord is clearly saying, he will destroy the churches, which is Jerusalem, but God has to open up people spirtual eyes & ears).