Brooklyn, NY – In a major crackdown on cryptocurrency scams, Jebara Igbara, aka “Jay Mazini,” was sentenced to 84 months in prison for wire fraud, wire fraud conspiracy, and money laundering. Igbara, a notorious Instagram influencer, swindled investors out of at least $8 million in a brazen scheme that targeted his own Muslim community.
According to court documents, Igbara operated a popular Instagram account under the pseudonym “Jay Mazini,” where he flaunted his wealth by posting videos of himself handing out cash to unsuspecting individuals. In reality, the social media persona was a ruse to lure investors into his Ponzi scheme, which targeted members of the Muslim-American community in New York.
The scheme, perpetrated through a company called Halal Capital LLC, promised investors high returns on stocks, electronics resale, and personal protective equipment. However, Igbara misappropriated nearly all of the money for his personal expenses, luxury vehicles, and gambling. To keep his victims hooked, he posted doctored images of wire transfer confirmations, claiming to have sent money for cryptocurrency investments that never existed.
U.S. Attorney Breon Peace blasted Igbara for his crimes, stating, “The prosecution of Igbara unmasked him as a fraudster who used his social media popularity to con investors out of millions of dollars. Shamefully, he targeted his own religious community, taking advantage of their trust in him so he could spend and gamble their hard-earned money.”
IRS-CI Special Agent-in-Charge Thomas M. Fattorusso condemned Igbara’s actions, saying, “Igbara was a crypto con man who created a fake online presence to purport that he was a wealthy crypto investor. He conned a New York Muslim community out of millions, then simply spent it and gambled it away.”
As part of his sentence, Igbara was ordered to pay $10 million in forfeiture. The amount of restitution will be determined at a later date. Igbara’s Instagram account, which boasted nearly one million followers during the offense period, has been shut down. The case serves as a warning to scammers and fraudsters who use social media to prey on unsuspecting victims.
The prosecution of Igbara is a significant victory in the fight against cryptocurrency scams and online financial crimes. As authorities continue to crack down on these types of schemes, it is essential for investors to remain vigilant and cautious when dealing with online opportunities.
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Cybercrime|Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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