The Securities and Exchange Commission announced an emergency asset freeze against Abatement Corp. Holding Company Limited on Tuesday in response to an alleged Ponzi scheme operation in South Florida.
From as early as 2004, Abatement Corp.—located in the Turks and Caicos Islands—and its now deceased principal Joseph Laurer allegedly defrauded investors by handing over their money to Laurer, who falsely claimed that he would put their investments into Abatement’s bond fund that invested in triple-A rated corporate and government bonds. Laurer promised the funds were safe, according to the SEC, because they were either backed by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. But in reality, neither had offered insurance to Laurer’s investors, the agency said.
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