Tennessee Man Indicted on 11 Federal Counts for Crypto Ponzi Scheme, Diverted $1.9M

According to the Justice Department announced Friday, Misam M. Abidi, 47, of Nolensville, Tennessee, faces an 11-count federal indictment for operating Star Credit Holdings, an alleged fraudulent crypto investment firm, between 2020 and 2024.

Prosecutors allege Abidi lured investors with false promises of guaranteed returns and high rates of return, then paid earlier investors using funds from new investors—a classic Ponzi scheme structure. He allegedly diverted over $1.9 million to himself and family members and failed to report income on federal tax returns. Charges include wire fraud, money laundering, operating an unlicensed money transmitting business, and aiding in the preparation of false tax returns. If convicted on all counts, Abidi could face decades in federal prison.