Winans Gospel Family Member Charged With $8M Scam

Law360, New York (September 13, 2012, 10:01 PM EDT) -- Federal authorities on Wednesday charged a member of the legendary Winans gospel-music family with orchestrating a “Ponzi-like” scheme in which he scammed $8 million from individuals who were led to believe they were investing in Saudi Arabian oil bonds.

Michael Winans Jr., a third-generation member of the family, allegedly duped more than a thousand victims who each contributed up to $7,000 for the chance to invest in the bogus crude-oil bonds, according to information filed with a U.S. District Court in Michigan.

The filing, which charges...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.