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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 CFS or MidWest and were not held in accounts with the 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.

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