Michael Winans, member of gospel music family the Winans, is looking at 20 years in prison after pleading guilty in an $8 million Ponzi scheme.
Ain’t that about nothin’.
The 30-year-old was charged last month for misleading over 1,000 victims to invest in fake crude oil bonds.
According to DetroitNews.com, the U.S. Attorney’s Office accused Michael of wire fraud after devising a scheme, using the Winans Foundation Trust as bait. He told investors his family was also involved.
“Investor fraud schemes like this one are just a fancy way to steal other people’s money,” U.S. Attorney Barbara McQuade said in a statement Wednesday. “Anyone who robs citizens of their hard-earned savings will be brought to justice.”
Michael awaits sentencing, scheduled for Feb. 27 in Detroit federal court.