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Every state-changing event for Misam Abidi / Star Credit Holdings: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-06-15 23:14:59Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"f7ccf4f0-d992-4c40-9578-87b290dde214","kind":"publish","page_slug":"misam-abidi-star-credit-holdings","published_at":"2026-06-15T23:14:59.710Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Misam Abidi / Star Credit Holdings","sections":[{"content":"On June 13, 2026, the U.S. Attorney's Office for the Western District of Tennessee unsealed an 11-count federal indictment against Misam M. Abidi, 47, of Nolensville, Tennessee. The indictment charges Abidi with three counts of wire fraud, two counts of operating an unlicensed money transmitting business, three counts of aiding and assisting in the preparation of false tax returns, and three counts of money laundering. Assistant U.S. Attorney William Carey Bateman III is prosecuting the case. The investigation was conducted jointly by IRS Criminal Investigation, the FBI, and the U.S. Secret Service. If convicted on all counts, Abidi faces decades in federal prison: up to 20 years per wire fraud count, up to 10 years per money laundering count, up to 5 years per unlicensed money transmitting count, and up to 3 years per tax offense count. Abidi is presumed innocent unless proven guilty beyond a reasonable doubt.","heading":"Federal Indictment (June 2026)","severity":"critical","sources":[{"credibility":1,"name":"DOJ Western District of Tennessee: Middle Tennessee Man Indicted for Crypto Ponzi Scheme","type":"regulatory","url":"https://www.justice.gov/usao-wdtn/pr/middle-tennessee-man-indicted-crypto-ponzi-scheme"},{"credibility":2,"name":"Decrypt: Tennessee Man Indicted for Alleged Crypto Ponzi Scheme That Stole Millions From Investors","type":"news_article","url":"https://decrypt.co/370943/tennessee-man-indicted-crypto-ponzi-scheme-stole-millions-investors"}]},{"content":"Prosecutors allege that between 2020 and 2024, Abidi made material misrepresentations to investors through Star Credit Holdings, including promises of guaranteed high rates of return and claims that he maintained a substantial reserve fund to protect investor capital. He allegedly asserted that he managed far more capital than he actually controlled, and provided fabricated account statements showing nonexistent profits. Rather than generating legitimate trading returns, Abidi allegedly paid earlier investors using contributions from newer investors — the defining structure of a Ponzi scheme. Abidi also allegedly encouraged investors to take out personal loans in their own names and direct those proceeds into Star Credit Holdings. He is further alleged to have assisted in preparing at least one false affidavit claiming an investor's identity had been stolen in order to secure such loans. Over $1.9 million was allegedly diverted to Abidi himself and his family members. The scheme also allegedly involved the STAR Investment Club and the NUME cryptocurrency token, which Abidi and co-defendants fully owned and controlled.","heading":"Alleged Scheme Mechanics","severity":"critical","sources":[{"credibility":1,"name":"DOJ Western District of Tennessee: Middle Tennessee Man Indicted for Crypto Ponzi Scheme","type":"regulatory","url":"https://www.justice.gov/usao-wdtn/pr/middle-tennessee-man-indicted-crypto-ponzi-scheme"},{"credibility":2,"name":"CryptoTimes: Millions Lost: Tennessee Crypto Operator Faces Federal Charges","type":"news_article","url":"https://www.cryptotimes.io/2026/06/12/millions-lost-tennessee-crypto-operator-faces-federal-charges/"},{"credibility":2,"name":"Yahoo Finance: Tennessee Man Indicted for Alleged Crypto Ponzi Scheme","type":"news_article","url":"https://finance.yahoo.com/markets/crypto/articles/tennessee-man-indicted-alleged-crypto-172237218.html"}]},{"content":"The broader scheme implicated three individual defendants and multiple corporate entities. In addition to Misam Abidi, the state-level enforcement actions named Ali Raza Galani and Anisha Abidi as co-defendants. Corporate entities named in state proceedings include Star Credit Holdings LLC, Satori Credit Solutions LLC, and NumisMe LLC. The NUME cryptocurrency token, sold through the STAR Investment Club, was allegedly fully owned and controlled by Galani and the Abidis. The federal indictment, as publicly announced, names only Misam Abidi; the status of any federal charges against the other named individuals was not publicly confirmed as of the date of this investigation.","heading":"Co-Defendants and Associated Entities","severity":"high","sources":[{"credibility":1,"name":"Tennessee TDCI: TDCI and Tennessee AG Take Legal Action Involving Star Credit Holdings, Numisme, Misam and Anisha Abidi, and Raza Galani","type":"regulatory","url":"https://www.tn.gov/commerce/news/2024/5/6/tdci-tn-ag-take-legal-action-to-protect-consumers-in-case-involving-star-credit-holdings-numisme-misam-and-anisha-abidi-and-raza-galani.html"},{"credibility":1,"name":"Tennessee Securities Division: Misam M. Abidi, Ali Raza Galani, Star Credit Holdings, LLC, Satori Credit Solutions, LLC and Nusime, LLC","type":"regulatory","url":"https://www.tn.gov/commerce/securities/news-and-information/abidi.html"}]},{"content":"State regulatory filings allege that investors in 17 states, including Tennessee, invested over $6.3 million in fraudulent investments through Star Credit Holdings and related entities. Wyoming investors allegedly sustained the largest losses at over $2.4 million, followed by California investors who allegedly lost approximately $1.14 million. Tennessee investors are believed to have lost over $250,000, according to the Tennessee Department of Commerce and Insurance. The federal indictment separately identifies $1.9 million in funds that Abidi allegedly diverted to himself and family members, a figure that represents personal enrichment rather than the total alleged investor losses.","heading":"Investor Losses and Geographic Scope","severity":"critical","sources":[{"credibility":2,"name":"The Center Square: Memphis Investment Group Has Assets Frozen Over Securities Violations","type":"news_article","url":"https://www.thecentersquare.com/tennessee/article_06552030-0c75-11ef-b49b-37d48036a4a0.html"},{"credibility":2,"name":"WREG: State: Investors Lost $6.3 Million in Memphis Company's Scheme","type":"news_article","url":"https://wreg.com/news/investigations/state-investors-lost-6-3-million-in-memphis-companys-scheme/"}]},{"content":"In May 2024, the Tennessee Department of Commerce and Insurance's Securities Division and the Tennessee Attorney General's Office filed legal action against the defendants. A court subsequently approved a temporary restraining order and injunction that froze the companies' assets and prohibited them from conducting further investment-related business in Tennessee. The state complaint alleged that the defendants violated Tennessee securities law by engaging in fraudulent activity, misleading investors, commingling and misusing investor funds, failing to register their securities offerings with the TDCI Securities Division, and failing to register as broker-dealers, broker-dealer agents, investment advisers, or investment adviser representatives. Tennessee TDCI Commissioner Carter Lawrence stated the action demonstrated the value of cooperation between investigators in protecting consumers from unregistered investments.","heading":"Tennessee State Regulatory Action (May 2024)","severity":"critical","sources":[{"credibility":1,"name":"Tennessee TDCI Press Release: TDCI and Tennessee AG Take Legal Action Involving Star Credit Holdings","type":"regulatory","url":"https://www.tn.gov/commerce/news/2024/5/6/tdci-tn-ag-take-legal-action-to-protect-consumers-in-case-involving-star-credit-holdings-numisme-misam-and-anisha-abidi-and-raza-galani.html"},{"credibility":2,"name":"Local Memphis: Injunction Approved for State Officials Regarding Memphis-Based Investment Activity","type":"news_article","url":"https://www.localmemphis.com/article/news/local/injunction-approved-for-state-regarding-memphis-based-investment/522-e6026874-acbd-4632-b8f4-9a3e3bf5987e"},{"credibility":1,"name":"Tennessee Abidi Temporary Injunction (PDF)","type":"court_filing","url":"https://www.tn.gov/content/dam/tn/commerce/documents/securities/consentorders/Abidi%20Temporary%20Injunction.pdf"}]},{"content":"The federal indictment includes three counts of aiding and assisting in the preparation of false tax returns. Prosecutors allege Abidi failed to report income derived from the scheme on his federal tax returns. Each count carries a maximum sentence of three years in federal prison if convicted.","heading":"Tax Fraud Allegations","severity":"high","sources":[{"credibility":1,"name":"DOJ Western District of Tennessee: Middle Tennessee Man Indicted for Crypto Ponzi Scheme","type":"regulatory","url":"https://www.justice.gov/usao-wdtn/pr/middle-tennessee-man-indicted-crypto-ponzi-scheme"},{"credibility":2,"name":"CryptoTimes: Millions Lost: Tennessee Crypto Operator Faces Federal Charges","type":"news_article","url":"https://www.cryptotimes.io/2026/06/12/millions-lost-tennessee-crypto-operator-faces-federal-charges/"}]},{"content":"Two of the eleven federal counts charge Abidi with operating an unlicensed money transmitting business. The U.S. Department of Justice stated that such schemes damage not only individual investors but also financial institutions and the U.S. Treasury. Relatedly, state regulators alleged that neither Abidi nor the Star Credit Holdings entities were registered as broker-dealers, investment advisers, or money transmitters in Tennessee or with federal authorities.","heading":"Unlicensed Money Transmission","severity":"high","sources":[{"credibility":1,"name":"DOJ Western District of Tennessee: Middle Tennessee Man Indicted for Crypto Ponzi Scheme","type":"regulatory","url":"https://www.justice.gov/usao-wdtn/pr/middle-tennessee-man-indicted-crypto-ponzi-scheme"},{"credibility":1,"name":"Tennessee TDCI: TDCI and Tennessee AG Take Legal Action Involving Star Credit Holdings","type":"regulatory","url":"https://www.tn.gov/commerce/news/2024/5/6/tdci-tn-ag-take-legal-action-to-protect-consumers-in-case-involving-star-credit-holdings-numisme-misam-and-anisha-abidi-and-raza-galani.html"}]}],"sources_used":[{"credibility":1,"name":"DOJ Western District of Tennessee: Middle Tennessee Man Indicted for Crypto Ponzi Scheme","type":"regulatory","url":"https://www.justice.gov/usao-wdtn/pr/middle-tennessee-man-indicted-crypto-ponzi-scheme"},{"credibility":2,"name":"Decrypt: Tennessee Man Indicted for Alleged Crypto Ponzi Scheme That Stole Millions From Investors","type":"news_article","url":"https://decrypt.co/370943/tennessee-man-indicted-crypto-ponzi-scheme-stole-millions-investors"},{"credibility":2,"name":"CryptoTimes: Millions Lost: Tennessee Crypto Operator Faces Federal Charges","type":"news_article","url":"https://www.cryptotimes.io/2026/06/12/millions-lost-tennessee-crypto-operator-faces-federal-charges/"},{"credibility":2,"name":"Yahoo Finance: Tennessee Man Indicted for Alleged Crypto Ponzi Scheme","type":"news_article","url":"https://finance.yahoo.com/markets/crypto/articles/tennessee-man-indicted-alleged-crypto-172237218.html"},{"credibility":1,"name":"Tennessee TDCI: TDCI and Tennessee AG Take Legal Action Involving Star Credit Holdings","type":"regulatory","url":"https://www.tn.gov/commerce/news/2024/5/6/tdci-tn-ag-take-legal-action-to-protect-consumers-in-case-involving-star-credit-holdings-numisme-misam-and-anisha-abidi-and-raza-galani.html"},{"credibility":1,"name":"Tennessee Securities Division: Abidi Case Page","type":"regulatory","url":"https://www.tn.gov/commerce/securities/news-and-information/abidi.html"},{"credibility":1,"name":"Tennessee Abidi Temporary Injunction (PDF)","type":"court_filing","url":"https://www.tn.gov/content/dam/tn/commerce/documents/securities/consentorders/Abidi%20Temporary%20Injunction.pdf"},{"credibility":2,"name":"The Center Square: Memphis Investment Group Has Assets Frozen Over Securities Violations","type":"news_article","url":"https://www.thecentersquare.com/tennessee/article_06552030-0c75-11ef-b49b-37d48036a4a0.html"},{"credibility":2,"name":"WREG: State: Investors Lost $6.3 Million in Memphis Company's Scheme","type":"news_article","url":"https://wreg.com/news/investigations/state-investors-lost-6-3-million-in-memphis-companys-scheme/"},{"credibility":2,"name":"Local Memphis: Injunction Approved for State Officials Regarding Memphis-Based Investment Activity","type":"news_article","url":"https://www.localmemphis.com/article/news/local/injunction-approved-for-state-regarding-memphis-based-investment/522-e6026874-acbd-4632-b8f4-9a3e3bf5987e"},{"credibility":2,"name":"crypto.news: Tennessee Man Faces Federal Charges Over Alleged $1.9M Crypto Ponzi Scheme","type":"news_article","url":"https://crypto.news/man-faces-charges-over-allegedcrypto-ponzi-scheme/"}],"summary":"Misam M. Abidi, 47, of Nolensville, Tennessee, faces an 11-count federal indictment unsealed June 13, 2026, for allegedly operating a cryptocurrency investment Ponzi scheme through Star Credit Holdings between 2020 and 2024. Prosecutors allege he diverted over $1.9 million of investor funds to himself and family members, and the broader enterprise involving co-defendants Ali Raza Galani and Anisha Abidi allegedly caused losses exceeding $6.3 million across 17 states. Related state regulatory actions by the Tennessee Department of Commerce and Insurance and the Tennessee Attorney General resulted in a temporary injunction and asset freeze in May 2024.","timeline":[{"date":"2020-01-01","event":"Star Credit Holdings allegedly begins operating as a fraudulent cryptocurrency investment scheme, soliciting investors with promises of guaranteed high returns.","source":"DOJ Western District of Tennessee press release","source_url":"https://www.justice.gov/usao-wdtn/pr/middle-tennessee-man-indicted-crypto-ponzi-scheme"},{"date":"2024-05-06","event":"Tennessee Department of Commerce and Insurance Securities Division and the Tennessee Attorney General file legal action against Star Credit Holdings LLC, NumisMe LLC, Satori Credit Solutions LLC, Misam Abidi, Anisha Abidi, and Ali Raza Galani for securities law violations. A temporary restraining order and asset freeze are obtained.","source":"Tennessee TDCI press release","source_url":"https://www.tn.gov/commerce/news/2024/5/6/tdci-tn-ag-take-legal-action-to-protect-consumers-in-case-involving-star-credit-holdings-numisme-misam-and-anisha-abidi-and-raza-galani.html"},{"date":"2024-05-07","event":"Tennessee court approves the temporary injunction, freezing company assets and barring further investment activity in Tennessee. Total alleged investor losses across 17 states reported as exceeding $6.3 million.","source":"The Center Square","source_url":"https://www.thecentersquare.com/tennessee/article_06552030-0c75-11ef-b49b-37d48036a4a0.html"},{"date":"2024-12-31","event":"Star Credit Holdings scheme alleged to have concluded after approximately four years of operation.","source":"DOJ Western District of Tennessee press release","source_url":"https://www.justice.gov/usao-wdtn/pr/middle-tennessee-man-indicted-crypto-ponzi-scheme"},{"date":"2026-06-13","event":"U.S. Attorney's Office for the Western District of Tennessee unseals an 11-count federal indictment against Misam M. Abidi charging wire fraud (x3), unlicensed money transmission (x2), false tax return preparation (x3), and money laundering (x3). The case is prosecuted by Assistant U.S. Attorney William Carey Bateman III.","source":"DOJ Western District of Tennessee press release","source_url":"https://www.justice.gov/usao-wdtn/pr/middle-tennessee-man-indicted-crypto-ponzi-scheme"}]},"v":1}

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