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*Update* Michael Winans, Jr. Pleads Guilty to Ponzi Scheme

Last month we reported that Michael Winans, Jr., a member of the famous Winans family, was officially charged by the United States government with wire fraud. This past Wednesday, Winans plead guilty to the above charge.

According to reports, Winans cheated people out of more than $8 million dollars by using a ponzi scheme. He allegedly got the victims, which is said to be over 1,000 people, to invest in Saudi Arabian oil bonds. However, feds say that his oil bonds and investments were all fake, therefore allowing Winans to pocket the money. Winans’ attorney claims that his client intends to pay the victims back all of their money.

Wayne County Prosecutor Kym Worthy, who was involved in the investigation, said, “Winans has allegedly fleeced many innocent people and betrayed their trust. This is a significant step in bringing justice to his many victims.” Winans sentencing has been set for 2 p.m. Feb. 27, 2013 before the Honorable Sean F. Cox at which time he could face a statutory maximum penalty of 20 years in prison.

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  1. Dean

    September 14, 2012 at 1:16 PM

    Really? So, since he’s agreed to pay all the money back, does that mean he should be excused????

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    I agree!! I knew it was something about those Winans! Lol

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    September 15, 2012 at 11:10 AM

    JESUS would forgive him. Just do what’s right in GOD’s site.


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    Sad situation for the Winans family.
    However, he admitted he intentionally did this ans wants to pay everyone back? OK! BUT this still doesn’t get anyone out of the CRIME committed under the law.

    Sure prayers are needed for this young man, that GOD has mercy on him at his sentencing, GOD can be a lawyer in the court room and change things at a blink of a eye.

    The young man, need to start RIGHT NOW doing community work to help the disadvantage or homeless..showing GOOD faith to the judge/ court.. that he’s truly sorry for the crime he committed.

    Embrace the Winans family with prayer over this unfortunate incident.

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