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{"actor":"system:backfill","investigation_id":"5f4587a9-ca84-4206-9973-5380ae7d6285","kind":"publish","page_slug":"misam-m-abidi","published_at":"2026-06-24T12:26:28.172Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Misam M. Abidi","sections":[{"content":"On June 12, 2026, a federal grand jury in the Western District of Tennessee returned an 11-count indictment against Misam M. Abidi charging: three counts of wire fraud (18 U.S.C. § 1343, maximum 20 years each), three counts of money laundering (maximum 10 years each), two counts of operating an unlicensed money transmitting business (maximum 5 years each), and three counts of aiding and assisting in the preparation of false tax returns (maximum 3 years each). The case is being prosecuted by Assistant U.S. Attorney William Carey Bateman III. The indictment was investigated jointly by IRS Criminal Investigation, the FBI, and the U.S. Secret Service. Abidi has not entered a public plea as of the date of this report, and the charges are allegations; he is presumed innocent unless and until convicted.","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":1,"name":"IRS Criminal Investigation — Middle Tennessee Man Indicted for Crypto Ponzi Scheme","type":"regulatory","url":"https://www.irs.gov/compliance/criminal-investigation/middle-tennessee-man-indicted-for-crypto-ponzi-scheme"}]},{"content":"The federal indictment alleges that between 2020 and 2024, Abidi operated Star Credit Holdings LLC in Shelby County, Tennessee as a cryptocurrency investment firm and used it to solicit investors with materially false representations. Specifically, the indictment alleges that Abidi: (1) promised investors guaranteed high rates of return; (2) falsely claimed to maintain a significant reserve fund that would make investors whole in the event of losses; (3) misrepresented the amount of capital under his management; (4) provided investors with fictitious account statements showing profits purportedly derived from trading activity; and (5) paid purported returns to earlier investors using the principal of newer investors — the hallmark structure of a Ponzi scheme. Additionally, the indictment alleges that Abidi helped investors obtain loans in their own names to generate additional funds to invest with Star Credit Holdings, and that he falsified at least one affidavit falsely claiming an investor's identity had been stolen in order to facilitate a loan. Abidi is alleged to have diverted over $1.9 million of investor funds to himself and family members. He is also alleged to have failed to report firm income on personal and business tax returns.","heading":"Alleged Scheme: Star Credit Holdings (2020–2024)","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":"Daily Hodl — Tennessee Gubernatorial Candidate Indicted Over Alleged $1,900,000 Crypto Ponzi Scheme","type":"news_article","url":"https://dailyhodl.com/2026/06/16/tennessee-gubernatorial-candidate-indicted-over-alleged-1900000-crypto-ponzi-scheme/"},{"credibility":2,"name":"Crypto Times — 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":"WREG — TN Man Accused of Cryptocurrency Ponzi Scheme Indicted","type":"news_article","url":"https://wreg.com/news/mid-south/tn-man-accused-of-cryptocurrency-ponzi-scheme-indicted/"}]},{"content":"In May 2024, the Tennessee Department of Commerce and Insurance (TDCI) Securities Division and the Tennessee Attorney General's Office obtained a temporary injunction freezing the financial assets of Misam Abidi, his wife Anisha Abidi, and their business associate Ali Raza Galani, along with their associated corporate entities: Star Credit Holdings LLC, Satori Credit Solutions LLC, and NumisMe LLC. The action was prompted by investor complaints alleging losses through two related vehicles: the STAR Investment Club, an investment pooling arrangement, and the NUME cryptocurrency token, which Galani and the Abidis are alleged to have fully owned and controlled. According to the state complaint, investors across 17 states invested over $6.3 million in these alleged fraudulent products; Wyoming investors suffered the largest losses at approximately $2.4 million, followed by California investors at approximately $1.14 million, and Tennessee investors at over $250,000. The complaint alleges violations of state securities law including engaging in fraudulent activity, misleading investors, commingling and misusing investor funds, failing to register securities offerings with TDCI, and failing to register as broker-dealers, investment advisers, or investment adviser representatives. The injunction prevents the defendants from conducting further business in Tennessee. TDCI Commissioner Carter Lawrence stated the action was a result of cooperation between TDCI investigators and the Tennessee Attorney General's Office.","heading":"Tennessee State Civil Enforcement Action and Asset Freeze (2024)","severity":"critical","sources":[{"credibility":1,"name":"TDCI — Legal Action in Case 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":"Abidi Temporary Injunction — Tennessee Department of Commerce and Insurance (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":"Local Memphis — Injunction Approved for State 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"}]},{"content":"Before the Star Credit Holdings scheme, Abidi operated Satori Credit Solutions LLC, a credit repair company based in Bartlett, Tennessee. In 2018, local news outlet WREG investigated consumer complaints against the company. Reported complaints included customers alleging they paid over $1,000 in fees — including document fees and mandatory portal fees — without receiving the promised credit improvement services; one customer stated her credit score moved in the wrong direction. In 2019, state regulators fined Satori Credit Solutions $1,000 and ordered the company to provide proof of a $350 refund to a complainant, following a finding by the board regulating Credit Services Businesses that the company had engaged in the credit services business without first obtaining a valid registration. Satori Credit Solutions LLC is also named as a defendant in the 2024 Tennessee state civil enforcement action related to Star Credit Holdings.","heading":"Prior Regulatory History: Satori Credit Solutions (2018–2019)","severity":"high","sources":[{"credibility":2,"name":"WREG — TN Man Accused of Cryptocurrency Ponzi Scheme Indicted (references 2018 investigation)","type":"news_article","url":"https://wreg.com/news/mid-south/tn-man-accused-of-cryptocurrency-ponzi-scheme-indicted/"},{"credibility":1,"name":"TDCI Securities News — Misam M. Abidi, Ali Raza Galani, Star Credit Holdings, Satori Credit Solutions, and NumisMe","type":"regulatory","url":"https://www.tn.gov/commerce/securities/news-and-information/abidi.html"},{"credibility":3,"name":"BBB Business Profile — Satori Credit Solutions","type":"community_report","url":"https://www.bbb.org/us/tn/bartlett/profile/credit-repair-services/satori-credit-solutions-0543-44125045/addressId/37281"}]},{"content":"Abidi filed as an independent candidate for Governor of Tennessee on March 5, 2026, with his petition subsequently approved by the Tennessee Secretary of State. The Tennessee primary election is scheduled for August 6, 2026. Abidi's campaign website describes a platform centered on due process rights, economic reform, workforce skills education, and support for blockchain and financial innovation. His campaign issued messaging framing his legal situation through the lens of government overreach, consistent with his stated due process platform. His candidacy was publicly active at the time of his federal indictment on June 12, 2026. Multiple media outlets noted the unusual circumstance of an active gubernatorial candidate facing federal fraud charges.","heading":"Political Context: 2026 Tennessee Gubernatorial Candidacy","severity":"medium","sources":[{"credibility":2,"name":"Daily Hodl — Tennessee Gubernatorial Candidate Indicted Over Alleged $1,900,000 Crypto Ponzi Scheme","type":"news_article","url":"https://dailyhodl.com/2026/06/16/tennessee-gubernatorial-candidate-indicted-over-alleged-1900000-crypto-ponzi-scheme/"},{"credibility":1,"name":"Tennessee Secretary of State — 2026 Candidates for Governor (Filed as of March 24, 2026)","type":"official","url":"https://sos-prod.tnsosgovfiles.com/s3fs-public/document/Governor_Filed_2026-03-24.pdf"},{"credibility":3,"name":"Misam Abidi for Governor — Campaign Website","type":"official","url":"https://www.misamforgovernor.com/"},{"credibility":2,"name":"Ballotpedia — Tennessee Gubernatorial Election 2026","type":"other","url":"https://ballotpedia.org/Tennessee_gubernatorial_election,_2026"}]},{"content":"Multiple entities and individuals are named across the federal indictment and state enforcement action. Star Credit Holdings LLC is the primary vehicle named in both proceedings. NumisMe LLC is a co-defendant in the 2024 state action and issued the NUME cryptocurrency token, which was sold to STAR Investment Club participants. Satori Credit Solutions LLC is the earlier credit repair business operated by Abidi, also named in the 2024 state action. Anisha Abidi, Misam's wife, is a named co-defendant in the 2024 Tennessee state civil action. Ali Raza Galani is a named co-defendant in the 2024 state action, alleged to have jointly owned and controlled the STAR Investment Club and the NUME token. The federal indictment does not publicly name Anisha Abidi or Galani as co-defendants at the time of this report.","heading":"Associated Entities and Individuals","severity":"high","sources":[{"credibility":1,"name":"TDCI — Legal Action in Case 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":"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"}]},{"content":"The federal case is being prosecuted by the U.S. Attorney's Office for the Western District of Tennessee. U.S. Attorney D. Michael Dunavant stated that his office would hold offenders accountable wherever fraud occurs in the Western District. The investigation was conducted jointly by three federal agencies: IRS Criminal Investigation, the Federal Bureau of Investigation (FBI), and the U.S. Secret Service. IRS Criminal Investigation Special Agent Eakins was quoted stating that schemes relying on deception and fictitious statements undermine the integrity of the financial system. The 2024 state civil action was handled by the TDCI Securities Division in cooperation with the Tennessee Attorney General's Office.","heading":"Investigative Agencies and Prosecutorial Statements","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":"IRS Criminal Investigation — Middle Tennessee Man Indicted for Crypto Ponzi Scheme","type":"regulatory","url":"https://www.irs.gov/compliance/criminal-investigation/middle-tennessee-man-indicted-for-crypto-ponzi-scheme"}]}],"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":1,"name":"IRS Criminal Investigation — Middle Tennessee Man Indicted for Crypto Ponzi Scheme","type":"regulatory","url":"https://www.irs.gov/compliance/criminal-investigation/middle-tennessee-man-indicted-for-crypto-ponzi-scheme"},{"credibility":1,"name":"TDCI — Legal Action in Case 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":"Abidi Temporary Injunction — Tennessee Department of Commerce and Insurance (PDF)","type":"court_filing","url":"https://www.tn.gov/content/dam/tn/commerce/documents/securities/consentorders/Abidi%20Temporary%20Injunction.pdf"},{"credibility":1,"name":"TDCI Securities News — Misam M. Abidi, Ali Raza Galani, Star Credit Holdings, Satori Credit Solutions, and NumisMe","type":"regulatory","url":"https://www.tn.gov/commerce/securities/news-and-information/abidi.html"},{"credibility":1,"name":"Tennessee Secretary of State — 2026 Filed Candidates for Governor","type":"official","url":"https://sos-prod.tnsosgovfiles.com/s3fs-public/document/Governor_Filed_2026-03-24.pdf"},{"credibility":2,"name":"Daily Hodl — Tennessee Gubernatorial Candidate Indicted Over Alleged $1,900,000 Crypto Ponzi Scheme","type":"news_article","url":"https://dailyhodl.com/2026/06/16/tennessee-gubernatorial-candidate-indicted-over-alleged-1900000-crypto-ponzi-scheme/"},{"credibility":2,"name":"Crypto Times — 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":"WREG — TN Man Accused of Cryptocurrency Ponzi Scheme Indicted","type":"news_article","url":"https://wreg.com/news/mid-south/tn-man-accused-of-cryptocurrency-ponzi-scheme-indicted/"},{"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":"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":"Local Memphis — Injunction Approved for State 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":"Ballotpedia — Tennessee Gubernatorial Election 2026","type":"other","url":"https://ballotpedia.org/Tennessee_gubernatorial_election,_2026"},{"credibility":3,"name":"Misam Abidi for Governor — Campaign Website","type":"official","url":"https://www.misamforgovernor.com/"},{"credibility":3,"name":"BBB Business Profile — Satori Credit Solutions","type":"community_report","url":"https://www.bbb.org/us/tn/bartlett/profile/credit-repair-services/satori-credit-solutions-0543-44125045/addressId/37281"}],"summary":"Misam M. Abidi, 47, of Nolensville, Tennessee, is an independent candidate for Tennessee Governor who was indicted on June 12, 2026 by a federal grand jury in the Western District of Tennessee on 11 counts including wire fraud, money laundering, unlicensed money transmission, and aiding in false tax return preparation. Federal prosecutors allege Abidi operated Star Credit Holdings as a cryptocurrency Ponzi scheme between 2020 and 2024, diverting over $1.9 million of investor funds to himself and family members. Abidi and his associates also face a separate 2024 Tennessee state civil enforcement action involving an alleged $6.3 million fraud spanning 17 states, connected to the STAR Investment Club and the NUME cryptocurrency token issued through NumisMe LLC.","timeline":[{"date":"2018-01-01","event":"WREG investigates consumer complaints against Satori Credit Solutions LLC, a credit repair company in Bartlett, Tennessee operated by Abidi. Customers allege paying fees without receiving promised services.","source":"WREG investigative report","source_url":"https://wreg.com/news/mid-south/tn-man-accused-of-cryptocurrency-ponzi-scheme-indicted/"},{"date":"2019-01-01","event":"Tennessee state regulators fine Satori Credit Solutions $1,000 and order a $350 refund to a complainant, finding the company operated without a valid registration as a Credit Services Business.","source":"WREG investigative report","source_url":"https://wreg.com/news/mid-south/tn-man-accused-of-cryptocurrency-ponzi-scheme-indicted/"},{"date":"2020-01-01","event":"Abidi allegedly begins operating Star Credit Holdings LLC as a cryptocurrency investment firm, soliciting investors with promises of guaranteed high returns and fabricated account statements.","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 Tennessee Attorney General obtain a temporary injunction freezing the assets of Misam Abidi, Anisha Abidi, Ali Raza Galani, Star Credit Holdings LLC, Satori Credit Solutions LLC, and NumisMe LLC. State complaint alleges investors in 17 states lost over $6.3 million.","source":"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":"2024-12-31","event":"Star Credit Holdings alleged scheme concludes; the federal indictment covers the period 2020 through 2024.","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":"2026-03-05","event":"Abidi files as an independent candidate for Governor of Tennessee with the Tennessee Secretary of State. His petition is subsequently approved.","source":"Tennessee Secretary of State — 2026 Filed Candidates","source_url":"https://sos-prod.tnsosgovfiles.com/s3fs-public/document/Governor_Filed_2026-03-24.pdf"},{"date":"2026-06-12","event":"A federal grand jury in the Western District of Tennessee returns an 11-count indictment against Misam M. Abidi for wire fraud, money laundering, operating an unlicensed money transmitting business, and aiding in the preparation of false tax returns. The indictment is unsealed the same day.","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":"2026-06-16","event":"Major crypto and general news outlets report on the indictment, highlighting Abidi's status as an active Tennessee gubernatorial candidate.","source":"Daily Hodl","source_url":"https://dailyhodl.com/2026/06/16/tennessee-gubernatorial-candidate-indicted-over-alleged-1900000-crypto-ponzi-scheme/"},{"date":"2026-08-06","event":"Tennessee primary election scheduled, at which Abidi is listed as an independent gubernatorial candidate.","source":"Ballotpedia — Tennessee Gubernatorial Election 2026","source_url":"https://ballotpedia.org/Tennessee_gubernatorial_election,_2026"}]},"v":1}