MEMPHIS, Tenn. — An aspiring state politician accused of defrauding investors in a Memphis-based cryptocurrency scheme has been indicted by a federal grand jury.
Misam M. Abidi, 47, who now lives in Middle Tennessee, was indicted on 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.
The allegations against Abidi center on his cryptocurrency investment firm, Star Credit Holdings, which operated in Shelby County. Prosecutors say between 2020 and 2024, Abidi misrepresented his firm’s rate of return, his reserve fund and the amount of capital he managed to convince people to invest…