(Lansing, MI)  --  The state's Office of Financial and Insurance Regulation has shut down an alleged Ponzi scheme in Detroit.  OFIR said the one-point-nine-million-dollar scheme was allegedly being run by Martin Royster through his company, Royster, Carberry, Goldman & Associates.  Royster is accused by the state of promising "outrageous returns" of up to 240-percent a year in a fraudulent oil investment program.  OFIR Commissioner Ken Ross said investigators found Royster spent investors' money on designer clothes, lavish trips and at strip clubs. 

-Metro Source