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Haider Jamal

Apr 26, 2024

Popular Crypto Influencer Sentenced To Seven Years In Prison

Jay Mazini, also known as Jabara Igbara, who claimed to be a crypto millionaire on Instagram, has been sentenced to seven years in prison by U.S. District Judge Frederic Block for wire fraud and money laundering. He must also forfeit $10 million.

Labelled a crypto con man by the Office of the United States Attorney, Igbara, 28, admitted to carrying out multiple fraud schemes, scamming investors of at least $8 million. He pleaded guilty in November 2022.

 

Caught Red Handed

According to United States Attorney Breon Peace, the prosecution of Igbara revealed him as a fraudster who exploited his social media popularity to deceive investors, particularly through his religious community, and spend their money recklessly. Peace hopes the sentence will deter fraudsters like Igbara when it comes to exploiting investors for personal gain.

Thomas Fattorusso, Special Agent-in-Charge of the Internal Revenue Service Criminal Investigation, described Igbara as a con man who duped the New York Muslim community out of millions and squandered the funds on personal expenses and gambling. Fattorusso emphasized that Igbara will face consequences for his crimes.

 

Exploiting The Community

Between 2019 to 2021, Igbara, under the alias Jay Mazini, amassed nearly one million followers on Instagram, portraying himself as a successful investor and devout Muslim. He flaunted his supposed wealth by giving away large sums of cash in videos posted on Instagram.

Operating through Halal Capital LLC, Igbara orchestrated an investment fraud scheme targeting Muslim-Americans in New York, soliciting funds for fake investments in various ventures. In reality, he ran a Ponzi scheme, using the funds for personal expenses and gambling.

To sustain the illusion of profitability and retain investors, Igbara initiated a second fraudulent scheme, offering above-market prices for cryptocurrencies on social media. After receiving crypto through his victims, he fabricated wire transfer confirmations to deceive them into believing they had been paid, while pocketing the crypto himself.

 

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