Tennessee gubernatorial candidate sued over alleged $1.9M crypto Ponzi scheme

Misam M. Abidi, an independent candidate for governor of Tennessee, has been indicted in connection with an alleged $1.9 million cryptocurrency Ponzi scheme. According to The Daily Hodl, a federal court stated that Abidi lured investors to his crypto investment firm, Star Credit Holdings, by promising high returns and exaggerating its total assets under management. He has been charged with three counts of wire fraud, which carries a maximum sentence of 20 years, three counts of money laundering, punishable by up to 10 years, two counts of operating an unlicensed money transmitting business, and two counts of aiding in the preparation of a false tax return.