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Michael Winans Jr. Sentenced to Prison For Ponzi Scheme

Winans

Michael Winans Jr. was sentenced to 14 years in prison for his role in a financial scam, according to VIBE.

Winans was convicted of running a Ponzi scheme that swindled investors out of $8 million and left hundreds broke.

VIBE reports that the Detroit-based scheme involved investing in Saudi oil bonds, and Winans used friends to involve more investors before bamboozling them out of their money. Winans then used the money from later investors for himself.

“I want to apologize to everyone. … These were decisions that were negligent and irresponsible,” said the singer.

Michael Winans Jr, 30,  is the grandson of Mom and Pop Winans, and the son of Michael Sr., who was a member of The Winans gospel quartet.