FORT LAUDERDALE, Fla. – When a fraud victim confronted Henry Abdo, he allegedly signed off an instant message with “Jehovah be with you.”
According to federal investigators, Abdo “often referenced his faith to exploit the trust of religious investors.”
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Federal court records show FBI Special Agent Grace Salazar reported Abdo had defrauded at least 162 victims worldwide of about $5.3 million.
To fund a lifestyle that included gambling and traveling regularly through Europe and West Asia, Abdo founded Titanium Capital LLC, a Florida corporation, in 2014.
Abdo, of Lebanon, marketed Titanium Capital as a “secure multicurrency fixed income fund” and “zero risk trading platform” with “returns irrespective of market conditions.”
Records show Abdo falsely claimed Titanium was registered with the U.S. Securities and Exchange Commission, and he lied about having developed proprietary software.
“Titanium has a world-class team of accomplished directors, practitioners, and managers with decades of global finance and management experience,” Abdo told The Turk News Gazetesi. “The team enjoys considerable economic, philanthropic, and social impact credentials.”
After victims sent wire transfers, peer-to-peer bank transfers, and personal checks, Abdo transferred some of the funds to other victims as a “return on investment.”
Records show the FBI ran an undercover operation in 2023 and Abdo promised “a fixed rate of return of 15%.” He later admitted to paying earlier investors with the funds from new victims.
Prosecutors claimed “many victims were financially devastated” and several “reported losing retirement accounts and personal savings that they had relied on for basic living expenses, such as food and medication.”
Federal prosecutors charged Abdo with unregistered offers and sales of securities, three counts of fraud in connection with the offer or sale of a security, two counts of fraud, and one count of unjust enrichment.
On Monday, in federal court in Fort Lauderdale, before U.S. District Court Judge William P. Dimitrouleas, Abdo, 47, pleaded guilty to wire fraud.
On Wednesday, Abdo was awaiting sentencing. He faces up to 20 years in prison.