A member of the legendary Winans gospel family is being named as the ringleader of a Detroit area Ponzi scheme that could have made him as much at $11 million in early estimates.
The Office of Financial and Insurance Regulation announced today that a 14-month investigation uncovered that Michael Winans Jr., a member of the gospel quarter Winans Phase 2 and the son of The Winans singer, Michael Winans Sr., apparently led the Ponzi scheme that involved a Saudi Arabian crude old bond scam.
On a conference call led by Michigan state regulators today, the Office of Financial and Insurance Regulation said it was determined that Winans Jr. was the mastermind of the multilevel scam.
It is believed that Winans Jr. was able to secure investors in Ponzi scheme by using his family name to earn the trust of his victims in the Detroit community.
