The Tennessee Department of Commerce & Insurance (TDCI) along with the Tennessee Attorney General’s Office has recently secured court approval to freeze the bank accounts and financial assets of several Memphis-based individuals and corporations under investigation for fraudulent activities. This legal action targets individuals Ali Raza Galani, Misam Abidi, Anisha Abidi, and their associated entities, namely Star Credit Holdings, LLC, Satori Credit Solutions, LLC, and NumisMe, LLC, following complaints from investors who faced significant losses.
The complaints originated from investors involved with the STAR Investment Club and those who purchased the NUME cryptocurrency token, both controlled by Galani and the Abidis. These investors reported losing the majority of their funds, prompting an investigation into the activities of the accused. The investigation revealed allegations of fraudulent behavior, misleading investors, commingling and misappropriating funds, and operating without proper registration as dictated by state securities law and other relevant Tennessee consumer protection laws.
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The legal complaint further states that investors across 17 states, including Tennessee, were duped into investing over $6.3 million into what were ultimately fraudulent ventures. The most significant losses were reported in Wyoming, with over $2.4 million, followed by California investors who lost $1.14 million, and Tennessee investors with losses exceeding $250,000.
Following a recent court hearing, the defendants agreed to a Temporary Injunction order which effectively freezes many of their assets and prohibits any further business operations within Tennessee. The Tennessee Attorney General, Jonathan Skrmetti, emphasized the state’s commitment to safeguarding its residents and the integrity of its economy from such fraudulent schemes, whether they involve traditional or digital assets.
The case, which is still ongoing and being litigated by the Tennessee Attorney General’s Office, represents a concerted effort by state authorities to clamp down on financial crimes and protect investors. TDCI’s Securities Division investigators are actively encouraging individuals who might have invested with the accused parties to come forward with information that could assist in the proceedings.
Elizabeth Bowling, Assistant Commissioner of TDCI’s Securities Division, urged affected investors to overcome any hesitancy or embarrassment and report their experiences. This appeal aims to ensure that those responsible for causing financial losses to investors, not just in Tennessee but nationwide, are held accountable for their actions. Investors affected by this case are encouraged to submit their complaints through the TDCI’s Securities Division’s website, enabling the authorities to further their investigation and take appropriate legal actions.
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