Kenneth Grant Winans, a Copley resident, was charged in federal court with scamming roughly 70 shareholders out of $17 million, according to law enforcement agents.
Kenneth Grant Winans has been accused of a single charge of conspiracy to engage in fraud by wire or securities theft, as well as one charge regarding money laundering.
The charges were made public by the United States Attorney for the Northern District of Ohio, Steven M. Dettelbach, together with the special agent in charge of the FBI’s Cleveland Office, Stephen D. Anthony, with the special agent in charge of the IRS-Criminal Investigations Cincinnati Field Office, Kathy Enstrom.
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As Dettelbach remarked, the case is yet another unfortunate reminder of so-called financial experts who make claims of large return guarantees that raise red flags. When something appears to be too tempting to be true, it typically is.
According to Anthony, Kenneth Grant Winans “callously took on the whims of numerous people to make them rich speculating for an assured future & deceived people out of their entire life resources.” The FBI continues to prioritize fraudsters like Mr. Kenneth Grant Winans.
Kenneth Grant Winans overpromised and subsequently cheated the people who invested out of their money. That does not constitute an incident with no victims, according to Enstrom. IRS Criminal Investigation is pleased to contribute our accounting forensics expertise to this partnership and assist them in putting an end to these along with other sorts of criminal activity involving white collar workers.
Kenneth Grant Winans & several other people controlled and operated KGTA Petroleum Ltd. Kenneth Grant Winans along with others represented KGTA as a corporation that profited primarily from the purchase or sale of crude oil or refined fuel supplies.
According to allegations, Kenneth Grant Winans and other individuals indicated to shareholders, therefore, they enjoyed a great connection with outside purchasers so the money invested was going to be utilized to buy fuel supplies at a reduced rate before being transferred at a big profit.
According to the investigations, KGTA offered agreements for investment and notes of promise that promised guaranteed monthly repayments of up to 5% each month or yearly payouts of around 60% a year.
According to the reports, Kenneth Grant Winans & some individuals, particularly three registered agents to PrimeSolutions Securities Inc. located in the Akron region, filed paperwork about KGTA with the SEC.
Between the years 2010 and 2014, Kenneth Grant Winans and other individuals obtained $31 million from roughly 70 investors via misleading and deceptive practices.
According to the material provided by law enforcement, Kenneth Grant Winans as well as others were constantly conscious that KGTA had no contracts in place for the sale of fuel and petroleum products as well as that shareholders were not going to get up to 5% every month on the money they invested.
Kenneth Grant Winans, like other property investors, must pay for private costs and expensive items such as a Mercedes, a yacht, and payments on mortgages on advanced residential properties.
According to the information, Kenneth Grant Winans along with others duped shareholders out of roughly seventeen dollars as a consequence of the scheme.
During an inquiry by the United States Bureau of Investigation and the IRS’s Bureau of Criminal Investigations, the investigation is being pursued by Assistant U.S. Attorney Mark S. Bennett & Special Assistant U.S. Prosecutor Derek Kleinmann.
According to the complaint filed in the United States Attorney’s Office, if found guilty, the offender’s punishment will be decided by the judge based on a consideration of federal sentencing guidelines as well as case-specific factors such as the plaintiff’s previous convictions, the plaintiff’s participation in the crime, and the severity of the offense.
Details are merely a charge, not proof of conviction. A person accused of a crime has the right to an impartial trial wherein the responsibility of proof is on the prosecution to establish conviction without probable cause.
Here are several fraudulent Ponzi schemes that have been documented in Michigan
In the past couple of years, Michigan appears to have become a hub for many frauds.
Although nothing compares to the millions of dollars bilked by Bernie Madoff’s customers, there exists a wealth of investment scams there awaiting naïve investment.
Therefore, when we turn back to the year 2011, this is our selection of some Michigan scams which are as follows:
Billionaire Boys Club, John Bravata
BBC Stocks, a Southfield-based residential property investment firm that purportedly meant to Rich Bachelors Club, allegedly stole a total of $53 million from dozens of Michigan or Ohio clients. BBC Stocks advertised annual gains of eight to twelve percent on investment. In July 2009, the Securities and Exchange Commission closed up the corporation. The investigation is still ongoing, so Bravata could encounter penalties.
What is a Ponzi Scheme?
A Ponzi scheme is a criminal deception investing fraud pledging increased rates of interest with less chance of loss to investors. On the other hand, a Ponzi scam is a deceitful investing fraud that induces retrievals for earlier investors with money carried from later investors.
Dante DeMiro’s Municipal Plan
Dante DeMiro led MuniVest Financial organizational a Southfield-based firm that assisted municipal entities, educational institutions, and various other organizations in finding reliable funding.
However, based on experts, his proposals were far from safe. DeMiro has been accused of orchestrating a sting that included the Mona Shores School Region, and others. He was arrested and accused of theft from a bank.
Saudi oil bonds, according to Michael Winans Jr
A founding member of the famed Gospel Music family is accused of stealing anything between a total of $2.6 million to eleven million dollars by using his initials & ties to Michigan congregations.
Micheal Winans reportedly convinced clients that acquiring Saudi Arabian oil assets would allow them to multiply the amount they invested.
The Michigan Department of Securities & Industry Compliance, on the other hand, claims Winans operates a fraudulent Ponzi scheme & has instructed him to cease operations.
Mark Carpenter, all for God
Winans, reportedly to government authorities, duped Mark Carpenter. The government claims that instead of alerting the police, the Ann Arbor gentleman began assisting Winans. Carpenter’s knack for business, TGBG Securities, was directed by the Office of Banking & Insurance Supervision to cease marketing illegal securities. Carpenter is said to have been collecting funds for Winans’ oil debt interests.
Too Good Be Glory was dubbed a “multi-headed Ponzi monster” by OFIR Commissioner Ken Ross because the two-million-dollar scheme included deception inside crime engaging individuals with jobs that were defrauded of their daily investments.
Rita & Richard Gosselin are escaping
Rita Gosselin, a Grosse Ile native allegedly defrauded approximately twenty families of more than five million dollars.
Rita Gosselin & Richard, her spouse, left the nation in April instead of going to face prosecution.
Nevertheless, the law followed up with everyone. Rita Gosselin has been charged with guaranteeing compensation to clients that thought she would purchase repossessed homes in quantity & restore them for profitability.
About Kenneth Grant Winans
Kenneth Grant Winans is a successful job at Merrill Lynch around 1992 to establish Winans International alongside seven customers. Kenneth Grant Winans contributed significant improvements to the fields of financial evaluation, and managing investments, including charity.
Winans has stood out as a manager of portfolios, & an economic journalist during the course of his three-decade profession. His unique financial studies and tactics have drawn worldwide acknowledgment, and his dedication to charitable causes demonstrates his drive to improve the global community.
Various Claims Made by Kenneth Grant Winans:
An Investment Expertise Legacy
Kenneth Grant Winans showed a particular knack for managing investments during his life. He has devised distinctive approaches & undertaken substantial studies as an investor and financial researcher to improve the efficiency of his portfolios. What distinguishes him is his proven “track documents” as a market analyst and fund supervisor, which is unusual in the banking and insurance business.
Financial Analysis and Authorship
Kenneth Grant Winans has made major improvements to the area via his writing and study of finance, along with his achievement in managing investments. He boasts 4 winner publications on his credit, all of which offer significant insights into money history & financial methods.
Grant’s writings gained widespread recognition as they appeared in a variety of important outlets, including leading internet pages, journals, and papers. Throughout 2011, Kenneth Grant Winans has served as an ongoing writer for Forbes.com, and several of his written pieces obtained the renowned “Editor’s Choice” title.
Awards and recognition
Kenneth Grant Winans’ achievements in the financial sector have attracted widespread acclaim. Grant’s holdings combinations achieved Gold scores & five-star evaluations, an unusual accomplishment that demonstrates his financial acumen. His original financial indices and technological movement indicators are also extensively used by large commercial as well as educational organizations.
Conclusion
What do you think? Do you think Kenneth Grant Winans is a legitimate businessman or a scammer?
Share your thoughts in the comment section below.
