DOJ v. Misam M. Abidi

Misam M. Abidi, of Nolensville, Tennessee, allegedly executed a scheme to defraud millions of dollars from investors across the country through his cryptocurrency investment firm, Star Credit Holdings, between 2020 and 2024. Abidi allegedly made a variety of misrepresentations, including promising high rates of return, claiming a significant reserve fund, and overstating capital under management. He also allegedly provided fictitious statements to investors and returns that were purportedly from trading activity but were actually investment principal from other investors. Abidi allegedly helped investors take out loans in their names and falsified an affidavit for at least one investor regarding identity theft to secure a loan. Abidi allegedly diverted over $1,900,000 of investor funds to himself and his family and purportedly failed to report income from Star Credit Holdings on his tax returns. He has been charged with 3 counts of wire fraud, 2 counts of operating an unlicensed money transmitting business, 3 counts of aiding and assisting in the preparation of false tax returns, and 3 counts of money laundering.

Summary generated from official Department of Justice press release