In a recent ruling in a Brooklyn federal court, a shocking story unfolded as crypto-influencer Jebara Igbara, also known as “Jay Mazini,” faced sentencing for wire fraud, wire fraud conspiracy, and money laundering. The United States Attorney’s Office for the Eastern District of New York revealed that Igbara’s elaborate schemes resulted in significant financial losses to unsuspecting investors, amounting to millions of dollars.

Social Media Deception

Operating under the guise of the popular Instagram account name “Jay Mazini,” Igbara exploited his social media platform to create a false narrative of opulence. Through this platform, he portrayed grand gestures of distributing large sums of cash to various individuals, all the while concealing the underlying fraudulent operations that defrauded investors of at least $8 million.

Sentenced to 84 months in prison and ordered to forfeit $10 million, Igbara’s duplicitous facade was unmasked as the court emphasized the impact of his actions on the victims. Breon Peace, the United States Attorney for the Eastern District of New York, highlighted the callous nature of Igbara’s crimes, specifically targeting his own religious community and misusing their trust for personal gain.

False Promises And Fake Crypto Schemes

Igbara’s misdeeds extended from 2019 to 2021, during which he leveraged his social media presence on Instagram to amass followers, projecting an image of prosperity and trustworthiness intertwined with his Muslim faith. Shamefully, his fraudulent activities, primarily revolving around Halal Capital LLC, exploited the trust of the Muslim-American community in New York, impacting countless lives.

The schemes involved promises of investments in stocks, electronics resale, and protective equipment sales. Furthermore, Igbara deceitfully employed the allure of crypto assets, manipulating images of wire transfer confirmations to dupe victims into believing that they had received payment, when in truth, their funds had been stolen.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.