via:eurweb

 

A member of the famed Winans gospel singing family has been charged in federal court with operating an $8-million Ponzi scheme that promised investors huge returns for investing in a phony Saudi Arabian crude oil bonds, says The Detroit Free Press.

 Michael Winans Jr. was charged Tuesday in U.S. District Court in Detroit with wire fraud, which carries a maximum penalty of 20 years in prison. He is accused of defrauding more than 1,000 investors of $1,000 to $7,000 each between October 2007 through September 2008.

 

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