Tennessee Man Indicted for $1.9M Crypto Ponzi Scheme That Bilked Investors Nationwide

A Tennessee man faces 11 federal counts for running a crypto Ponzi scheme through Star Credit Holdings from 2020-2024, diverting over $1.9 million in investor funds to himself and family.

• Misam M. Abidi, 47, allegedly lured investors with false promises of guaranteed returns through his firm Star Credit Holdings.
• Prosecutors say he paid earlier investors with new investor money — the classic Ponzi structure — and diverted $1.9M+ to himself and family.
• Charges include wire fraud, money laundering, operating an unlicensed money transmitting business, and filing false tax returns.
• Abidi faces decades in federal prison if convicted on all 11 counts.

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