Michael Winans Jr, a member of the world famous gospel-singing family, The Winans, is facing the possibility of serving a 20-year prison sentence after he pleaded guilty to defrauding investors of up to $8million.
Winans Jr, who is the son of Michael Winans, a member of legendary group The Winans, persuaded 11 shareholders that he represented an organisation called The Winans Trust, an organisation that invested in crude oil bonds fromSaudi Arabia.
The shareholders were then encouraged to attract investors to sign up to the scheme, promising a return on their money of between $1000 and $8000 in 60 days.
Over 1000 people invested in the scheme and, as a result, Winans Jr accrued up to $8million.
He is expected to be sentenced onFebruary 27, 2013.