Thursday, February 28
Michael Winans Jr. Gets 14 Years in Prison for Ponzi Scheme!
Three years after news broke that members of the Winans family were behind a massive multi-million Detroit-area Ponzi scheme, Michael Winans Jr. was sentenced today to nearly 14 years in prison for financially defrauding more than 1,200 investors in an $8 million pyramid scheme.
The 30-year-old pled guilty last October to wire fraud and after hearing from victims -- some said the scheme to sell Saudi Arabian oil bonds robbed some people of their life savings, caused divorces and fractured many families -- the judge sentenced onetime Grammy nominee to 13 years and 9 months in federal prison and ordered him to pay his victims $4.8 million in restitution.
Michael told the court he "did make mistakes” that caused “financial and emotional damage. For that I repent.” He added: There was no “malicious intent on my part…I wanted people to have a good life.” Good riddance.