The Detroit Christian community is reeling with the news that a member of the Winans family has been accused of exploiting church ties to set up an investment scam...
From Click on Detroit
A member of the Winans gospel-music family has been charged with fraud in an $8 million scam involving bogus bonds.
Federal prosecutors in Detroit filed the charge this week against Michael Winans Jr. His attorney, William Hatchett, said Thursday that a guilty plea is expected at an undetermined date.
The government says Winans knew the Saudi Arabian oil bonds weren't real, but he continued to accept money from more than 1,000 investors in 2007 and 2008. The court document says Winans recycled the money among investors and also used cash for his personal use.
State regulators in 2010 said Winans used connections in Detroit churches to lure investors.