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Tag: Wendell Jacobson


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


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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


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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


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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


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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


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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


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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


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