Tag: Platinum Protection
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...