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Ponzi scheme

Platinum Protection allegedly in default on $10m note

New lawsuit charges the Utah summer-sales-model company with failing to make good on payments to buy out some investors now accused of running a Ponzi scheme
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01/23/2013

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.

New investment venture for two charged with fraud

Timothy McGinn and David Smith back in the news
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10/28/2010

ALBANY, N.Y.—Security alarm investors Timothy McGinn and David Smith—whom the SEC charged earlier this year with bilking investors of at least $80 million in a Ponzi scheme—are reportedly involved in a new investment venture.