Subscribe to RSS - Mormon

Mormon

SEC charges Utah security company investors with Ponzi scheme

Wendell Jacobson and his son were major investors in Platinum Protection, but company says they are no longer owners
 - 
12/21/2011

AMERICAN FORK, Utah—Wendell Jacobson, a Utah real estate magnate who with his son provided the primary startup capital for Platinum Protection, is now facing charges from the U.S. Securities and Exchange Commission that he and his son have been running a $220 million real-estate Ponzi scheme—using their membership in the Mormon church to make connections and win the trust of potential investors.
Wendell and Allen Jacobson no longer have any involvement in Platinum Protection, based here and one of the major summer-sales-model companies, company CEO Jared Hallows told Security Systems News.