Michael Winans Sentenced to Nearly 14 Years For $8M Ponzi Scheme, 'No Malicious Intent'

Gospel singer Michael Winans Jr. was sentenced to nearly 14 years in prison Wednesday for his rol in an $8 million ponzi scheme.

A member of the popular gospel group The Winans was convicted as he schemed to sell fake Saudi Arabian oil bonds that left many without any life savings.

The 30-year-old is the grandson of Delores "Mom" Winans and David "Pop" Winans Sr., and the son of Michael Winans Sr., a member of The Winans quartet of brothers.

"I want to apologize to everyone. ... These were decisions that were negligent and irresponsible," said Winans, of Jessup, Md.

He shared he had no "malicious intent" however acknowledged that he did continue to collect money even after learning the bonds were fake.

Winans collected $8 million from more than 1,000 investors in 2007 and 2008, through word of mouth and using his connections to involve more investors. He promised them 100 percent returns in two months. Federal investigators say he used the money for personal expenses or to pay off earlier investors.

Winans pleaded guilty in October to wire fraud and promised to repay each investor. About 600 people are still owed $4.7 million, reports the Associated Press.

"There are lots of marriages that have been destroyed. I know family members who aren't speaking to each other," Tara Hurt told the judge.

U.S District Judge Sean Cox went through some of the letters written by victims and noted that Winans made his pitch from church pulpit.

"Fraud on good, decent church-going people - that was very, very troubling to me," Cox said.

"Investor fraud schemes like this one are just a fancy way to steal other people's money," U.S. Attorney Barbara McQuade added.

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