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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...

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