The SEC secured an emergency asset freeze againstAbatement Corp. Holding Company Limited, located in Turks and Caicos Islands, in connection with its operation of a South Florida-based Ponzi scheme. The SEC’s complaint alleged that Abatement Corp. and its now-deceased principal Joseph Laurer falsely promised investors safe, guaranteed returns while instead engaging in a Ponzi scheme. According to the SEC, Laurer, who was a member of the City of Homestead’s General Employee Pension Board and president of the South Dade chapter of AARP, raised more than $4.6 million from approximately 50 investors residing primarily in South Florida. SEC
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