Instagram Influencer ‘Jay Mazini’ Sentenced to 7 Years in Prison for Multi-Million Dollar Crypto Ponzi Scheme
Instagram influencer Jebara Igbara, known as “ Jay Mazini, ” has been sentenced to seven years in prison for orchestrating a multi-million dollar crypto Ponzi scheme.
Igbara, a 28-year-old from New Jersey, pleaded guilty to fraud charges, confessing to running a Ponzi scheme that involved cryptocurrency fraud and resulted in approximately $8 million in illicit gains, according to an official press release .
The money was used to fund an extravagant lifestyle, including luxury cars and excessive gambling.
Taking advantage of the economic turmoil caused by the COVID-19 pandemic, Igbara exploited his connections within the Muslim community to solicit investments for his company, Hallal Capital LLC.
He claimed that the investments would generate returns through stock trading and the resale of electronics and personal protective equipment.
“T he prosecution of Igbara unmasked him as a fraudster who used his social media popularity to con investors out of millions of dollars, ” Breon Peace, the U.S. Attorney for the Eastern District of New York, said.
“S hamefully, he targeted his own religious community, taking advantage of their trust in him so he could spend and gamble their hard-earned money .”
How it started vs How it’s going pic.twitter.com/Go8jU0NO3H
— Coffeezilla (@coffeebreak_YT) April 25, 2024
Igbara bolstered his online persona by building a substantial following of approximately 1 million Instagram users.
He gained popularity by filming cash giveaways, often distributing money to fast food workers and ordinary individuals at Walmart.
In one video, he even shared the spotlight with rapper 50 Cent.
His seemingly prosperous lifestyle led viewers to believe that he could afford to give away
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