No, whether Michael is in the JW religion or out, he'd still be in trouble because of his simple failure to observe a fundamental "rule" for anyone who has ever been accused of child molestation: Don't make your situation worse by continuing to have unsupervised access to minors.
Before the latest allegations surfaced, the foolish man, though, even went on television and defended the sleep overs in which he said it was perfectly innocent to want to have boys sleep in your bed. Hey, what were the parents of these minors thinking when they knowingly allowed their boys to share a bed with Michael, given the allegations in the early 1990s?