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Federal prosecutors in Detroit filed a charge this week against Michael Winans Jr. for fraud in an 8 million dollar scam involving bogus bonds. Winans’ attorney said today 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.
No other Winans family members were involved.
See video below from www.myfoxdetroit.com: