Blogged By: De De Tillman

Source: Click On Detroit

Posted: Wednesday February 27, 2013 @ 6:55 p.m PST

Prosecutors say Winans sold fake Saudi Arabian oil bonds to more than 1,000 investors in 2007 and 2008. He promised 100 percent returns in two months, then used the money for his personal expenses or to pay off earlier investors. About 600 people are still owed $5 million.

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