Tag: Ponzi scheme
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...
New investment venture for two charged with fraud
October 28, 2010Tess Nacelewicz
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. Their new business, Security Alarm Credit, has come under the SEC's radar.
“We are aware of it and have alerted the court to it,” Andrew Calamari, associate director of the SEC's New York Regional Office, said Oct. 27. “But at the...