Lebanese Citizen Henry Abdo Indicted For Operating A $5.3 Million Ponzi Scheme Through His Foreign-Exchange Platform Through His Foreign-Exchange Platform
Federal authorities in Southern Florida have indicted Lebanese citizen Henry Abdo. They allege Abdo orchestrated a $5 million Pnzi scheme through his company, Titanium Capital LLC (“Titanium”). The indictment alleges that Abdo committed wire fraud,
The Securities and Exchange Commission filed a civil complaint against Abdo and Titanium in federal court on December 14, 2023.
The SEC also included Abdo’s wife, Ganna Migulina and a relative Elias Abdo as defendants. The government agency alleges the two received at least $330,000 from the scheme.
The indictment also states that Abdo advertised Titanium as a successful investment fund that operated a proprietary multi-currency foreign-exchange platform. He also claimed Titanium invested in other profitable projects.
Titanium solicited investors by guaranteeing a 15% fixed rate of return.
The indictment also alleges Abdo made material misrepresentations about the intended investment, When, in fact, Abdo diverted investor funds by paying existing investors using new investor funds. Abdo also allegedly misappropriated investor funds to pay his personal expenses.
The Lebanese citizen suggested to the court that investor funds were properly handled and were held in a different Titanium entity in the UK.
Abdo faces a maximum penalty of 40 years’ imprisonment if convicted. A federal district court judge will also determine sentencing after considering the U.S. Sentencing Guidelines and other statutory factors.
The court also ordered Abdo detained pending trial on the indictment. This matter is scheduled for trial on February 26, 2024, before U.S. District Judge Aileen M. Cannon in Fort Pierce.
U.S. Attorney Lapointe commended the investigative efforts of the FBI and OFR in this matter. He thanked the United States Securities and Exchange Commission for their assistance. Assistant U.S. Attorney Jonathan Bailyn is prosecuting the case. Assistant U.S. Attorney Daren Grove is handling asset forfeiture.