Posted on Thu, Mar 4, 2010 : 3:15 p.m.
Winans Ponzi probe uncovers second alleged fraud based in Ann Arbor
By AnnArbor.com Staff
State regulators announced two cease-and-desist orders today in an alleged Detroit scam and a related Ann Arbor rip-off reportedly still trying to lure victims, the Detroit News reported.
According to the Detroit News story:
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.Â
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.
Comments
actionjackson
Fri, Mar 5, 2010 : 11:58 a.m.
Greed is the only way these scams work. Getting alot, whether money or some other gain for a small investment is just not going to happen. "I won $5000.00 on the slots in Detroit" Forgot to mention that it took $7000.00 to win the 5.
Jaime
Fri, Mar 5, 2010 : 10:34 a.m.
These perpetrators are some of the worst criminals. They use the trust others have in them to deliberately steal from them. On the other hand, I wonder how people can fall for these schemes. If it is too good to be true it probably isn't. Run the other way.