From Channel 4 Detroit:
A member of the gospel music Winans family has been sentenced to nearly 14 years in prison for an $8 million financial scam.
Two of Michael Winans Jr.’s victims spoke in Detroit federal court Wednesday, saying the scheme devastated families.
Attorney Hammoud had asked for a sentence within the guidelines, which range from 12 1/2 years to 15 1/2 years in prison.
Winans sold oil bonds to more than 1,000 investors in 2007 and 2008.
He promised 100 percent returns in two months then used the money for personal expenses or to pay off earlier investors. About 600 people are still owed nearly $5 million.
Winans eventually learned the bonds were phony but didn’t tell investors and kept collecting money.
It should also be noted that other Winans family members were supposedly involved in the scheme as well.
