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Ponzi Scheme

Thursday, October 4, 2012

Gospel Singer Pleads Guilty in $8 Million Ponzi Scheme

Michael Winans of renowned gospel singing family submits plea in wire fraud case.

  A Jessup man pleaded guilty in federal court Wednesday to defrauding investors of $8 million, according to the Detroit Free Press. Michael Winans Jr., 30, recruited more than 1,000 people to invest in the Winans Foundation Trust, which he claimed was a Saudi Arabian crude oil venture, said the FBI in an Oct. 3 statement. Victims lived in Michigan, Arkansas, Georgia, Texas and other states, according to federal court filings, and were told they could make $1,000 to $8,000 in 60 days. The U.S. Attorney's office charged Winans, listed as a resident of the 10000 block of Guilford Rd. in Jessup, with defrauding investors "in classic 'Ponzi scheme' fashion" between 2007 and 2008, according to charging documents. Winans allegedly took some of …

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Andrew Metcalf

9:55 am on Friday, October 5, 2012

That was this guy's fault, sorry, fixed.   more ›

Saturday, February 5, 2011

Prosecution Rests In Trial of Laurel Company in $70 Million Ponzi Scheme

More than 1,000 people were scammed by employees of Metropolitan Grapevine between 2005 and 2007, according to authorities.

  • GOVERNMENT
  • Saturday, February 5, 2011

By Andy Marso Capital News Service GREENBELT - Warren Johnson Jr. sat in a Washington Plaza Hotel conference room in October 2007 and suddenly realized he had lost $100,000. Johnson had taken out a second mortgage on his Mitchellville home to give money to a company called POS Dream Homes. The company promised to invest it for him and pay off both mortgages within five years. But after two months, the checks stopped coming. In that hotel conference room that day the company's founder, Andrew Hamilton Williams Jr., was telling investors not to worry -- that the company was about to get a large loan and the checks would start appearing again. Johnson walked out before Williams finished speaking. "I knew at that point we were done," Johnson …

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