State regulators say they have uncovered a massive multi-million dollar ponzi scheme that stretches across the Detroit area and involves members of the Winans family.
The Office of Financial Insurance and Regulation released several documents accusing several people of being involved in the scheme.
OFIR alleges that Michael Winans Jr. was running a ponzi scheme that scammed investors out of over two and a half million dollars.
Regulators say Winans Jr. told investors that he had crude oil bonds in Saudi Arabia, and if they invested anywhere from $1,000 to $7,000 with them, they would double their investment. Investors were reportedly assured there was no risk.
The State says there could be more victims out there. It is alleged that Michael Winans Jr. made closer to $11-million dollars.
All of their bank records and evidence in the case has been reportedly turned over to local prosecutors.
There is also a connection with a man named Mark Carpenter from Ann Arbor.
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