MEMPHIS, Tenn. — A Memphis company first exposed by the WREG Investigators for what customers called a credit repair rip-off has now been barred by state regulators for an alleged investment scheme.

According to the Tennessee Department of Commerce and Insurance, investors across 17 states including Tennessee lost more than $6 million in what prosecutors call “fraudulent investments” through the STAR Investment Club.

The Tennessee Department of Commerce & Insurance and the Tennessee Attorney General’s Office won court approval to freeze the bank accounts and financial assets related to the group, officials announced this week.

A complaint filed by Tennessee’s attorney general names defendants STAR Credit Holdings, LLC; Satori Credit Solutions, LLC; NumisMe,LLC as well as Ali Razi Galani, Misam Abidi and Anisha Abidi.

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The TDCI says customers invested with STAR in a cryptocurrency called a NUME Token.
However, according to the suit, the owners weren’t registered broker-dealers, agents or investment advisors.

Prosecutors also accuse STAR Investment Club’s owners of transferring customers’ money into their own personal and other business accounts and using it for personal expenditures.

An agreed upon temporary restraining order freezes the company’s assets and prevents them from doing further business in Tennessee.

The TDCI is asking consumers who invested in or done business with the STAR Investment Club to contact them or use this link to file a complaint.

According to the state, Wyoming investors lost $2.4 million, which was the highest amount, followed by California investors who lost just over a million. Prosecutors say Tennessee investors possibly lost some $250,000.

Satori Credit Solutions was fined $1,000 by state regulators in 2019 and told to provide proof of a $350 refund paid back to a complainant. The penalty came after the board that regulates Credit Services Businesses found the company “engaged in credit services business without first
obtaining a valid registration.”

The fine came after a WREG investigation revealed customers of Satori’s credit repair business said they paid the company thousands of dollars in up front fees, but never saw their credit scores increase. Some said their scores actually dropped.

The owner, Misam Abidi, apologized and told WREG customers would get their money back.

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