Skip to Content

Tag: Platinum Protection


Residential

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


Read Full Articlered right arrow icon

Residential

AMP: Former Platinum space good fit

August 15, 2012Tess Nacelewicz

AMERICAN FORK, Utah—The large, dramatic letters emblazoned across the top of the imposing new office building here used to read “Platinum.” Now they say “AMP”—because financially beleaguered Platinum Protection has vacated the space and it is now AMP's headquarters.AMP Security President Ryan Lee told Security Systems News that AMP, a summer-sales-model company like Platinum, wasn't really looking to move, but the 28,000-square-foot office space it took over recently...

Allen Jacobson, AMP Alarm, AMP Security, Jared Hallows, Mike Melzer, Platinum Protection, Ryan Lee, Securities and Exchange Commission, Security Systems News, Vector Security


Read Full Articlered right arrow icon

Residential

Platinum sued again, but two other cases dismissed

June 13, 2012Tess Nacelewicz

AMERICAN FORK, Utah--Financially beleaguered Platinum Protection, a summer-model company here that laid off most of its employees in February, is facing another lawsuit, this one filed by the Ohio attorney general, charging that Platinum engaged in "false and misleading" sales practices in that state.However, two other civil lawsuits brought against the company in federal court earlier this year--one filed by its former primary dealer, Dallas-based Monitronics, and the other by CPI Security Systems,...

CPI Security Systems, monitronics, Platinum Protection, Security Systems News


Read Full Articlered right arrow icon

This Blog's on Fire (And Other Stuff)

A Platinum Protection founder goes solar

April 4, 2012Tess Nacelewicz

Chance Allred, one of the founders of Platinum Protection, has come home to Vivint again—in a way. Platinum, a summer-model sales company based in American Fork, Utah, in February this year abruptly laid off virtually all its employees and shut down its summer sales program. The company, founded in 2006, hasn't talked publicly about the reasons why, but it appears to be in severe financial distress. Since then, Vivint, a summer-model giant based in Provo, Utah, has hired about 130 of the unemployed...

Apx Alarm, Chance Allred, Platinum Protection, Security Systems News, Vivint, Vivint Solar


Read Full Articlered right arrow icon

Residential

More problems for Platinum: It's now charged with defaulting on $700,000 loan

April 4, 2012Tess Nacelewicz

AMERICAN FORK, Utah—CPI Security Systems, a Charlotte, N.C.-based monitoring company, is suing Platinum Protection, claiming Platinum has defaulted on a $700,000 loan CPI made to the company in January.CPI contends in a lawsuit, filed March 29 in federal court in Utah against Platinum and its CEO Jared Hallows, that Platinum has not repaid the money as required. Also, CPI claims that Platinum is not able to properly maintain the 350 customer accounts that are collateral for the loan because...

Allen Jacobson, CPI Security Systems, Jared Hallows, Ken Gill, Platinum Protection, SEC, Securities and Exhange Commission, Security Systems News, Wendell Jacobson


Read Full Articlered right arrow icon

Residential

Problems plague Platinum Protection

February 15, 2012Tess Nacelewicz

AMERICAN FORK, Utah—Platinum Protection, a leading summer-sales-model security company based here, reportedly laid off almost all its employees on Feb. 2, including corporate staff, sales representatives and technicians.And now Platinum is facing a federal lawsuit filed by its primary dealer, Monitronics, demanding more than $2 million that Monitronics says Platinum owes it for bad accounts and loss of revenue guarantees. Monitronics, one of the nation's largest home security alarm monitoring...

Allen Jacobson, Ken Gill, monitronics, Platinum Protection, Securities and Exchange Commission, Wendell Jacobson


Read Full Articlered right arrow icon

This Blog's on Fire (And Other Stuff)

Problems at Platinum redux

February 8, 2012Tess Nacelewicz

I wrote last week about Platinum Protection suddenly laying off most of its employees. I'm still gathering information about what led to that abrupt Feb. 2 action by the summer model sales company based in American Fork, Utah, and want to make sure I have as many facts as possible before publishing a story. I've yet to hear from anyone at Platinum in response to requests for comment. I'm told by a knowledgeable company insider—an employee who was among some 600 corporate, sales, technical and...

Allen Jacobson, Platinum Protection, Ponzi, Wendell Jacobson


Read Full Articlered right arrow icon

This Blog's on Fire (And Other Stuff)

Problems at Platinum

February 3, 2012Tess Nacelewicz

Word is that Platinum Protection suddenly laid off almost all its employees yesterday. So, is the summer model sales company based in American Fork, Utah closing, filing for bankruptcy? And does this abrupt action have anything to do with a recent lawsuit filed by the Securities and Exchange Commission, charging that the two men who provided the start-up capital for Platinum six years ago have been running a $220 million Ponzi scheme? The industry is abuzz with such questions since the massive layoff...

Allen Jacobson, Platinum Protection, Ponzi, Wendell Jacobson


Read Full Articlered right arrow icon

Residential

SEC charges Utah security company investors with Ponzi scheme

December 21, 2011Tess Nacelewicz

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...

Allen Jacobson, Andrew Kindfuller, Church of Jesus Christ of Latter-day Saints, Jared Hallows, Mormon, Platinum Protection, Securities and Exchange Commission, Utah, Wendell Jacobson


Read Full Articlered right arrow icon

Residential

Platinum's founders consolidate ownership

August 4, 2011Tess Nacelewicz

AMERICAN FORK, Utah—The four main founders of Platinum Protection, one of the major Utah-based summer-model companies, now own 100 percent of the company after recently buying out an investor, according to CEO Andrew Kindfuller. The founders' complete control over Platinum, a five-year-old company based here, will ensure its continued growth, Kindfuller said. “It's very positive and they're quite pleased,” he said of the development. Platinum announced July 20 that the Jacobson...

Andrew Kindfuller, Chance Allred, Jacob Pruitt, Jared Hallows, Keith Dyer, Platinum Protection


Read Full Articlered right arrow icon