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Ponzi scheme

Platinum Protection allegedly in default on $10m note

New lawsuit charges the Utah summer-sales-model company with failing to make good on payments to buy out some investors now accused of running a Ponzi scheme

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.

New investment venture for two charged with fraud

Timothy McGinn and David Smith back in the news

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.