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Platinum Protection allegedly in default on $10m note

January 23, 2013Tess Nacelewicz

AMERICAN FORK, Utah—Platinum Protection has defaulted on a promissory note of more than $10 million that it agreed to pay when it bought out the company's startup investors in 2011, a recently filed lawsuit charges. Those former investors have since been charged with operating a real estate Ponzi scheme, and the lawsuit seeks to recover the funds as part of that case.The four main founders of Platinum Protection—a formerly prominent summer-sales-model security company based here that...

Allen Jacobson, Cascade Alarm Holding, Platinum Protection, Ponzi scheme, Wendell Jacobson