Jay Mazini Sentenced for $8M Crypto Fraud Scheme

by

As an observer, I find Jebara Igbara’s story a stark reminder of how deceit and fraud can take a heavy toll on people’s lives. Igbara’s use of social media to pose as a successful crypto investor and lure unsuspecting victims into illegal schemes is not only despicable but also a clear misuse of technology.

At a recent federal court hearing in Brooklyn, Jebara Igbara, better known as “Jay Mazini” on social media, was given a seven-year prison sentence by U.S. District Judge Frederic Block. Igbara had previously admitted to defrauding members of the Muslim community out of approximately $8 million.

Igbara utilized his upgraded Instagram presence to misrepresent himself as a prosperous crypto investor, deceitfully luring individuals into participating in illicit ventures. The entity, Halal Capital LLC, functioned as a hollow corporation, enticing investors with the allure of extraordinary returns if they put their money into stocks, electronics resale, and personal protective equipment.

Igbara’s schemes ultimately fooled the investors, leading to substantial financial losses. The court subsequently delayed the hearing and mandated Hein to pay $10 million in penalties, with the amount of restitution to be determined at a later time. Propatro initiated this legal action through their Business & Securities Fraud Unit, employing it as evidence that social media can equally serve as a tool for fraudsters to perpetrate investment scams.

Read More

2024-04-26 01:56