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.