Michael Winans, Jr., family member of the Winans family, has been charged for scamming the public.
*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.
*If you’ve been waiting for the perfect opportunity to see gospel music legends BeBe & CeCe Winans in concert, it’s here.
BeBe, one half of the long-running, Grammy-winning brother-sister duo, says the current run with his sister is their last. And “Still,” the reunion album that won them a pair of Grammys this year, is their final studio release.
“This is it,” Winans says. “There are a couple of things I’m allergic to, and touring is one of them. It’s a different story when you’re 25 or 26 and waking up in one city and going to bed in another city. But when you’re 49 …”
Despite this “goodbye album and tour,” Winans and his sister will always continue to be close, even if they’re not making music together, he says.
The tour, which stops off at the Fox Theatre in St. Louis on Sunday, features sets by the Winans siblings as well as by sister act Mary Mary. The two groups will share the stage at some point.
“What people will see is the love between us all,” Winans says. “It’s a good time, no holds barred, and people will get a bit of the new, a bit of the old and a bit of older people trying to be hip.”
Letting go of those good times is bittersweet for Winans, although he is coming to terms with his decision.
“People retire,” he says. “We’ve been doing this for 27 years. It’s time to retire. And it’s been 15 years between the last album and this one. There’s not another 15 years to wait to do another.”
Read more here.
*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.