A2: Ponzi Scheme

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The Detroit News reports on actions by state regulators aiming to expose what one regulator called “a multi-headed Ponzi hydra.” From the report: “During a 14-month investigation of an alleged multimillion-dollar Ponzi scheme run by Michael Winans Jr., as well as his father, Michael Winans Sr., that targeted members of the Genesis New Beginnings Church in Detroit and others, investigators said they have uncovered $5 million in new Ann Arbor-based scams run by one of the Winans victims. Now officials of the state Office of Financial and Insurance Regulation are warning investors to stay away from Ann Arbor’s Mark Carpenter and his company, TGBG Financial. Investigators also are asking people and others who dealt with Carpenter, TGBG or the Winans’ schemes to come forward.” [Source]