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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.
The scheme targeted members of the Genesis New Beginnings Church in Detroit and others throughout the city.
Additionally, state investigators revealed that th
ey have uncovered $5 million in new Ann Arbor-based scams run by one of the Winans victims, Mark Carpenter. They are now warning residents to steer clear of Carpenter and his company, TGBG Financial.
"This was a multi-headed Ponzi hydra," said OFIR Commissioner Ken Ross. "Bank records indicate that Carpenter got scammed and then set up his own scam. We found fraud within fraud involving working people who were robbed of their life savings."
State regulators suspect that his father, Winans Sr. may have also been one of the promoters of the Ponzi scheme as well.
The Office of Financial and Insurance Regulation issued two cease and desist to Winans Jr., his associates Desmond Weems, Latonya Garth and Michael Winans Sr., and a number of other related business entities to stop selling unregistered securities products, a direct violation of the state's Uniform Securities Act.
State officials determined that Winans Jr. and his subordinates were not licensed to sell securities products in Michigan and the products sold wer
e not registered with the state.
"We believe that the Winans family Ponzi scheme ran its course at the end of 2008," said Ross. "There are few winners here outside Mr. Winans Jr."
Winans Jr. was a member of the contemporary gospel quartet, Winans Phase 2, which included his cousins Marvin Jr., Carvin III and Juan Winans. The group released one CD, 'We Got Next' in 1999.
His father, Winans Sr. is a member of the Grammy winning gospel group The Winans. Best known for hits like 'The Question Is,' 'It's Time' and 'Ain't No Need To Worry,' the group was inducted into the Gospel Hall of Fame in 2007. He also released three duet CDs with his wife Regina Winans.
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For related stories, read also: 'Debra Winans: Ex-Wife Of BeBe Winans Breaks Her Silence'
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Comments: (6)
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By: goddess on 3/06/2010 2:20AM
this breaks my heart; as I read the article, I kept saying oh no, on. This is going to take a toll on his grandmother. Can you believe the daddy was in on it. This is absolute and utter greed. I use to hold the Winans in high regard.
But, living in Detroit, they say it is no joke. Please, do not come here where I live. We do not want you here.Come to think about it, a former co-worker, who is from Detroit, borrowed some money from me and never paid me back. When she saw me, she never mentioned it, with her broke a**.
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By: Redd on 3/10/2010 10:58AM
Every person in church is not a Christian, so I am not surprised this happened. Black people needed to be educated when it comes to the "insurance world." Someone is looking at some time behind bars!
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By: Ernest on 3/11/2010 10:32AM
If they are not a Christian,what would you call them.Many Christians have done wrong and ungodly things in the name of God (not Jesus the prophet).
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By: Hattie Irving on 3/12/2010 4:03PM
I am shocked that he did it, He actually took advantage of the churches because of his name i believe he should be put in prison. I know his family is hurting, however we all can fall down.
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By: krs on 3/13/2010 1:46PM
From the article its focus in on the son's actions, Michael Winans Jr. there's no need to drag the Winans as a family into any of this. That's how people are next they run around with a rumor did your hear what the Winans did or something like that! It's the sons actions and any of his partners. Also, the article says that his father, Michael Winans may be SUSPECTED, not that he did do something. So don't put the cart before the horse. Anyone who has children know that when they're adults, they will make their own decisions, right or wrong! But be clear, please don't drag the whole family name through the mud because of one child's actions. PLEASE, BE MATURE, AND DON'T GOSSIP OR SAY ANYTHING IF YOU DON'T KNOW ALL THE FACTS!! PEOPLE LOVE NEGATIVITY!
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By: MeritaBread on 3/18/2010 2:20AM
AMEN! That's what I was thinking as I read this article. The famous Grammy award winning group is being broadly painted as if one of them perpetrated this evil. If Michael Winans, Sr. did know about and was complicit in this scheme to bamboozle and defraud naive, gullible church members, he too, should be held accountable for his actions. It sounds as though Michael Jr. was the "brains" behind this evil scheme and his father may just have unwittingly kicked in to help his boy, as any loving parent would, not knowing his son's scheme was illegal, unethical, and immoral, and thus a sin against God as well as His church. Michael Jr. now is more familiar with the Scriptures "be sure, your sin will find you out" and "that which is done in the dark will be brought into the light." I pray that he is also familiar with I John 1:9 and that he do it in a hurry!
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