Michigan Regulator Shuts Down Ponzi Scheme

As reported in the Credit Union Times, in March 2010, the Michigan Office of Finance and Insurance Regulation has stopped a $5 million Ponzi scheme involving an independent contractor licensed through CUSO Financial Services LP who worked from MidWest Financial Credit Union.

According to the Michigan OFIR, Mark Carpenter sold a variety of investments involving crude oil bonds, gold mines and Florida real estate. None of the investments described by OFIR were authorized, reviewed or approved by CUSO Financial Services or MidWest and were not held in accounts with CUSO or MidWest, according to CFS co-founder and Chief Operating Officer Amy Beattie. Carpenter worked at the $176 million MidWest in Ann Arbor, Mich. from July 2007 through October 2008.

Carpenter did not disclose any of his outside business activities to CUSO or MidWest, including his formation of an independent third-party business, TGBG, through which he allegedly ran these activities, Beattie said.

If you have questions about investments you made with Mark Carpenter, The White Law Group may be able to help.  For a free consultation, call the firm’s Chicago office at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida. With over 30 years of securities law experience, including experience working at FINRA (f/k/a the NASD) and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions.

For more information on The White Law Group, please visit our website at https://whitesecuritieslaw.com.