An independent candidate for the Governor of Tennessee is facing an eleventh federal indictment for using a cryptocurrency Ponzi scheme that diverted more than $1,900,000 from an investor to him and his family.
A federal judge he says Misam M. Abidi, 47 years old, asked investors of the cryptocurrency investment firm Star Credit Holdings with claims of guaranteed high returns, fund reserves to protect large and high capital representatives under management.
Abidi allegedly provided investors with falsified account statements and paid commercial profits using other businesses, a hallmark of a Ponzi scheme.
The indictment also alleged that Abidi assisted investors in obtaining loans to increase capital at Star Credit Holdings and falsified one document alleging that the company’s identity was stolen in order to obtain a loan. He also allegedly failed to report the company’s earnings on his tax returns.
Said US Attorney D. Michael Dunavant,
“Ponzi schemes, cryptocurrency scams, and currency fraud can be devastating to investors, damaging financial institutions, and damaging to the US Treasury. We commend our federal agencies for their extensive investigation into this matter. Wherever fraud occurs in West Tennessee, this office will be ready to hold perpetrators accountable.”
Abidi faces three counts of wire fraud for up to 20 years each and three counts of money laundering for up to 10 years each, as well as two counts of operating a money laundering business and three counts of assisting in the preparation of false tax returns.
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