Tag: Securities and Exchange Commission

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...

MELVILLE, N.Y.—If the merger deal with its parent company, Comverse Technology Inc. (CTI), goes through as planned, video surveillance provider Verint will be a 100 percent independent public company as early as February.“This is really good news, long term, for Verint,” Jeff Kessler, managing director of Imperial Capital, told Security Systems News.CTI has had complications in the past with the Securities and Exchange Commission filing process, Kessler said, “and if your...

When the Securities and Exchange Commission charged alarm industry investors David L. Smith and Timothy McGinn in 2010 with running a Ponzi scheme that defrauded investors of at least $80 million, one of the SEC's contentions was that some of the money was diverted to pay for “strippers and go-go dancers” on McGinn's You Only Live Once cruise ship business. Now, a judge has ordered that another cruise business associated with the case—this one with the tonier name of White Glove...

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...

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...