Michael Winans, member of the famed Winans gospel singing family has pleaded guilty to defrauding investors in an $8 million Ponzi scheme.
The Michigan Office of Financial and Insurance Regulation issued a cease and desist order against Winans in 2010, saying he used his connections in Detroit churches to lure investors into the scheme.
Money from later investors was used to pay returns to earlier investors, the characteristic of a classic Ponzi scheme, the government said, and Winans put some of the money to his own use.
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