*A member of the famed Winans gospel singing family has been charged in federal court with operating an $8-million Ponzi scheme that promised investors huge returns for investing in a phony Saudi Arabian crude oil bonds, says The Detroit Free Press.
Michael Winans Jr. was charged Tuesday in U.S. District Court in Detroit with wire fraud, which carries a maximum penalty of 20 years in prison. He is accused of defrauding more than 1,000 investors of $1,000 to $7,000 each between October 2007 through September 2008.
Winans’ lawyer, William Hatchett of Pontiac, said Winans plans to plead guilty within the next 10 days and that he fully intends to repay investors.
“He wants to bring this to a speedy and just conclusion,” Hatchett said, adding that Winans wants to make sure everyone knows that other family members weren’t involved in the scheme.
Read the full story at Freep.com.