SEC v. Titanium Capital LLC; Henry Abdo; Carol Ann Barsh; Elias Halim Abdo; and Ganna Migulina, No. 9:23-CV-81558, Southern District of Florida (Mar. 30, 2026) — Judgment

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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF FLORIDA

CASE NO.: 9:23-CV-81558-WPD

SECURITIES AND EXCHANGE COMMISSION,

    Plaintiff,

v.

TITANIUM CAPITAL LLC, HENRY ABDO, and
CAROL ANN BARSH,

    Defendants, and

ELIAS HALIM ABDO and GANNA MIGULINA,

    Relief Defendants.

___________________________________________/

FINAL DEFAULT JUDGMENT AGAINST DEFENDANT TITANIUM CAPITAL LLC

Plaintiff Securities and Exchange Commission (“SEC”) has filed a Motion for Entry of

a Final Default Judgment Against Defendant Titanium Capital LLC (“Defendant”) pursuant to

Federal Rule of Civil Procedure 55(b)(2). (ECF No. 55). The Court granted that Motion by

separate Order entered today. Pursuant to Fed. R. Civ. P. 58(a) the Court enters this separate

final judgment against Defendant Titanium Capital LLC.

IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is

permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the

Securities Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5

promulgated thereunder [17 C.F.R. § 240.10b-5], by using any means or instrumentality of

interstate commerce, or of the mails, or of any facility of any national securities exchange, in

connection with the purchase or sale of any security:

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(a)  to employ any device, scheme, or artifice to defraud;

(b)  to make any untrue statement of a material fact or to omit to state a material fact

necessary in order to make the statements made, in the light of the circumstances

under which they were made, not misleading; or

(c)  to engage in any act, practice, or course of business which operates or would

operate as a fraud or deceit upon any person

by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person, or (ii)

disseminating false or misleading documents, materials, or information or making, either orally

or in writing, any false or misleading statement in any communication with any investor or

prospective investor, about:

(A) any investment strategy or investment in securities,

(B) the prospects for success of any product or company,

(C) the use of investor funds, or

(F) the misappropriation of investor funds or investment proceeds.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who

receive actual notice of this Judgment by personal service or otherwise: (a) Defendant’s officers,

agents, servants, employees, and attorneys; and (b) other persons in active concert or

participation with Defendant or with anyone described in (a).

II.

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant

is permanently restrained and enjoined from violating Section 17(a) of the Securities Act of 1933

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(the “Securities Act”) [15 U.S.C. § 77q(a)] in the offer or sale of any security by the use of any

means or instruments of transportation or communication in interstate commerce or by use of the

mails, directly or indirectly:

(a)  to employ any device, scheme, or artifice to defraud;

(b)  to obtain money or property by means of any untrue statement of a material fact

or any omission of a material fact necessary in order to make the statements

made, in light of the circumstances under which they were made, not misleading;

or

(c)  to engage in any transaction, practice, or course of business which operates or

would operate as a fraud or deceit upon the purchaser

by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person, or (ii)

disseminating false or misleading documents, materials, or information or making, either orally

or in writing, any false or misleading statement in any communication with any investor or

prospective investor, about:

(A) any investment strategy or investment in securities,

(B) the prospects for success of any product or company,

(C) the use of investor funds, or

(F) the misappropriation of investor funds or investment proceeds.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who

receive actual notice of this Judgment by personal service or otherwise: (a) Defendant’s officers,

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agents, servants, employees, and attorneys; and (b) other persons in active concert or

participation with Defendant or with anyone described in (a).

III.

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant

is permanently restrained and enjoined from violating Section 5 of the Securities Act [15 U.S.C.

§ 77e] by, directly or indirectly, in the absence of any applicable exemption:

(a) Unless a registration statement is in effect as to a security, making use of any

means or instruments of transportation or communication in interstate commerce

or of the mails to sell such security through the use or medium of any prospectus

or otherwise;

(b) Unless a registration statement is in effect as to a security, carrying or causing to

be carried through the mails or in interstate commerce, by any means or

instruments of transportation, any such security for the purpose of sale or for

delivery after sale; or

(c)  Making use of any means or instruments of transportation or communication in

interstate commerce or of the mails to offer to sell or offer to buy through the use

or medium of any prospectus or otherwise any security, unless a registration

statement has been filed with the Commission as to such security, or while the

registration statement is the subject of a refusal order or stop order or (prior to the

effective date of the registration statement) any public proceeding or examination

under Section 8 of the Securities Act [15 U.S.C. § 77h].

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who

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receive actual notice of this Judgment by personal service or otherwise: (a) Defendant’s officers,

agents, servants, employees, and attorneys; and (b) other persons in active concert or

participation with Defendant or with anyone described in (a).

IV.

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant

is liable, jointly and severally with Defendant Henry Abdo (“Abdo”), for disgorgement of

$2,920,668, representing net profits gained as a result of the conduct alleged in the Complaint,

together with prejudgment interest thereon in the amount of $467,933, to be offset by $375,479,

the amount of restitution ordered against Abdo United States v. Abdo, 23-CR-80209-WPD (S.D.

Fla.), for a total of $3,103,122. Defendant shall satisfy this obligation by paying $3,013,122 to

the Securities and Exchange Commission within 30 days after entry of this Final Judgment.

Defendant may transmit payment electronically to the Commission, which will provide

detailed ACH transfer/Fedwire instructions upon request. Payment may also be made directly

from a bank account via Pay.gov through the SEC website at

http://www.sec.gov/about/offices/ofm.htm. Defendant may also pay by certified check, bank

cashier’s check, or United States postal money order payable to the Securities and Exchange

Commission, which shall be delivered or mailed to

Enterprise Services Center
Accounts Receivable Branch
6500 South MacArthur Boulevard
Oklahoma City, OK 73169

and shall be accompanied by a letter identifying the case title, civil action number, and name of

this Court; Titanium Capital LLC as a defendant in this action; and specifying that payment is

made pursuant to this Final Judgment.

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Defendant shall simultaneously transmit photocopies of evidence of payment and case

identifying information to the Commission’s counsel in this action. By making this payment,

Defendant relinquishes all legal and equitable right, title, and interest in such funds, and no part

of the funds shall be returned to Defendant.

The Commission shall hold the funds (collectively, the “Fund”) until further order of this

Court. The SEC may propose a plan to distribute the Fund subject to the Court’s approval, and

the Court shall retain jurisdiction over the administration of any distribution of the Fund.

The Commission may enforce the Court’s judgment for disgorgement and prejudgment

interest by using all collection procedures authorized by law, including, but not limited to,

moving for civil contempt at any time after 30 days following entry of this Final Judgment.

Defendant shall pay post judgment interest on any amounts due after 30 days of entry of this

Final Judgment pursuant to 28 U.S.C. § 1961.

V.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain

jurisdiction of this matter for the purposes of enforcing the terms of this Judgment.

VI.

This case remains OPEN AND PENDING as to Defendant Henry Abdo

DONE AND ORDERED in Chambers at Fort Lauderdale, Broward County, Florida,

this 17th day of February, 2026

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Copies furnished to:

Counsel of record

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UNITED STATES DISTRICT COURT 
SOUTHERN DISTRICT OF FLORIDA 

CASE NO.: 9:23-CV-81558-WPD 

SECURITIES AND EXCHANGE COMMISSION, 

    Plaintiff,      

v. 

TITANIUM CAPITAL LLC, HENRY ABDO, and   
CAROL ANN BARSH, 
 
    Defendants, and 

 
ELIAS HALIM ABDO and GANNA MIGULINA, 
 
    Relief Defendants. 

___________________________________________/ 

FINAL DEFAULT JUDGMENT AGAINST DEFENDANT TITANIUM CAPITAL LLC 
 

Plaintiff Securities and Exchange Commission (“SEC”) has filed a Motion for Entry of 

a Final Default Judgment Against Defendant Titanium Capital LLC (“Defendant”) pursuant to 

Federal Rule of Civil Procedure 55(b)(2). (ECF No. 55). The Court granted that Motion by 

separate Order entered today. Pursuant to Fed. R. Civ. P. 58(a) the Court enters this separate 

final judgment against Defendant Titanium Capital LLC.  

IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is 

permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the 

Securities Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 

promulgated thereunder [17 C.F.R. § 240.10b-5], by using any means or instrumentality of 

interstate commerce, or of the mails, or of any facility of any national securities exchange, in 

connection with the purchase or sale of any security: 

Case 9:23-cv-81558-WPD   Document 63   Entered on FLSD Docket 02/17/2026   Page 1 of 7



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(a)  to employ any device, scheme, or artifice to defraud; 

(b)  to make any untrue statement of a material fact or to omit to state a material fact 

necessary in order to make the statements made, in the light of the circumstances 

under which they were made, not misleading; or 

(c)  to engage in any act, practice, or course of business which operates or would 

operate as a fraud or deceit upon any person 

by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person, or (ii) 

disseminating false or misleading documents, materials, or information or making, either orally 

or in writing, any false or misleading statement in any communication with any investor or 

prospective investor, about:   

(A) any investment strategy or investment in securities,  

(B) the prospects for success of any product or company, 

(C) the use of investor funds, or  

(F) the misappropriation of investor funds or investment proceeds.  

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Judgment by personal service or otherwise: (a) Defendant’s officers, 

agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

II. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant 

is permanently restrained and enjoined from violating Section 17(a) of the Securities Act of 1933 

Case 9:23-cv-81558-WPD   Document 63   Entered on FLSD Docket 02/17/2026   Page 2 of 7



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(the “Securities Act”) [15 U.S.C. § 77q(a)] in the offer or sale of any security by the use of any 

means or instruments of transportation or communication in interstate commerce or by use of the 

mails, directly or indirectly: 

(a)  to employ any device, scheme, or artifice to defraud; 

(b)  to obtain money or property by means of any untrue statement of a material fact 

or any omission of a material fact necessary in order to make the statements 

made, in light of the circumstances under which they were made, not misleading; 

or 

(c)  to engage in any transaction, practice, or course of business which operates or 

would operate as a fraud or deceit upon the purchaser 

by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person, or (ii) 

disseminating false or misleading documents, materials, or information or making, either orally 

or in writing, any false or misleading statement in any communication with any investor or 

prospective investor, about:   

(A) any investment strategy or investment in securities,  

(B) the prospects for success of any product or company, 

(C) the use of investor funds, or  

(F) the misappropriation of investor funds or investment proceeds.  

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Judgment by personal service or otherwise: (a) Defendant’s officers, 

Case 9:23-cv-81558-WPD   Document 63   Entered on FLSD Docket 02/17/2026   Page 3 of 7



4 
 

agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

III. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant 

is permanently restrained and enjoined from violating Section 5 of the Securities Act [15 U.S.C. 

§ 77e] by, directly or indirectly, in the absence of any applicable exemption: 

(a) Unless a registration statement is in effect as to a security, making use of any 

means or instruments of transportation or communication in interstate commerce 

or of the mails to sell such security through the use or medium of any prospectus 

or otherwise;  

(b) Unless a registration statement is in effect as to a security, carrying or causing to 

be carried through the mails or in interstate commerce, by any means or 

instruments of transportation, any such security for the purpose of sale or for 

delivery after sale; or 

(c)  Making use of any means or instruments of transportation or communication in 

interstate commerce or of the mails to offer to sell or offer to buy through the use 

or medium of any prospectus or otherwise any security, unless a registration 

statement has been filed with the Commission as to such security, or while the 

registration statement is the subject of a refusal order or stop order or (prior to the 

effective date of the registration statement) any public proceeding or examination 

under Section 8 of the Securities Act [15 U.S.C. § 77h]. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

Case 9:23-cv-81558-WPD   Document 63   Entered on FLSD Docket 02/17/2026   Page 4 of 7



5 
 

receive actual notice of this Judgment by personal service or otherwise: (a) Defendant’s officers, 

agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

IV. 

IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant 

is liable, jointly and severally with Defendant Henry Abdo (“Abdo”), for disgorgement of 

$2,920,668, representing net profits gained as a result of the conduct alleged in the Complaint, 

together with prejudgment interest thereon in the amount of $467,933, to be offset by $375,479, 

the amount of restitution ordered against Abdo United States v. Abdo, 23-CR-80209-WPD (S.D. 

Fla.), for a total of $3,103,122. Defendant shall satisfy this obligation by paying $3,013,122 to 

the Securities and Exchange Commission within 30 days after entry of this Final Judgment. 

Defendant may transmit payment electronically to the Commission, which will provide 

detailed ACH transfer/Fedwire instructions upon request. Payment may also be made directly 

from a bank account via Pay.gov through the SEC website at 

http://www.sec.gov/about/offices/ofm.htm. Defendant may also pay by certified check, bank 

cashier’s check, or United States postal money order payable to the Securities and Exchange 

Commission, which shall be delivered or mailed to 

Enterprise Services Center 
Accounts Receivable Branch 
6500 South MacArthur Boulevard 
Oklahoma City, OK 73169 

 
and shall be accompanied by a letter identifying the case title, civil action number, and name of 

this Court; Titanium Capital LLC as a defendant in this action; and specifying that payment is 

made pursuant to this Final Judgment. 

Case 9:23-cv-81558-WPD   Document 63   Entered on FLSD Docket 02/17/2026   Page 5 of 7



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Defendant shall simultaneously transmit photocopies of evidence of payment and case 

identifying information to the Commission’s counsel in this action. By making this payment, 

Defendant relinquishes all legal and equitable right, title, and interest in such funds, and no part 

of the funds shall be returned to Defendant. 

The Commission shall hold the funds (collectively, the “Fund”) until further order of this 

Court. The SEC may propose a plan to distribute the Fund subject to the Court’s approval, and 

the Court shall retain jurisdiction over the administration of any distribution of the Fund. 

The Commission may enforce the Court’s judgment for disgorgement and prejudgment 

interest by using all collection procedures authorized by law, including, but not limited to, 

moving for civil contempt at any time after 30 days following entry of this Final Judgment. 

Defendant shall pay post judgment interest on any amounts due after 30 days of entry of this 

Final Judgment pursuant to 28 U.S.C. § 1961. 

V. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain 

jurisdiction of this matter for the purposes of enforcing the terms of this Judgment. 

VI. 

This case remains OPEN AND PENDING as to Defendant Henry Abdo 

DONE AND ORDERED in Chambers at Fort Lauderdale, Broward County, Florida, 

this 17th day of February, 2026 

 

 

Case 9:23-cv-81558-WPD   Document 63   Entered on FLSD Docket 02/17/2026   Page 6 of 7



7 
 

 
Copies furnished to: 

Counsel of record 

 

 

Case 9:23-cv-81558-WPD   Document 63   Entered on FLSD Docket 02/17/2026   Page 7 of 7