As an observer, I find it deeply disheartening to witness yet another instance of someone using social media popularity to deceive and defraud innocent people out of their hard-earned money. Jabara Igbara, or “Jay Mazini,” who once boasted of being a crypto millionaire on Instagram, is now facing the consequences of his actions with a seven-year prison sentence and a mandate to forfeit $10 million.
Jabara Igbara, also referred to as “Jay Mazini” on Instagram and famously claiming cryptocurrency wealth, was recently given a seven-year prison term by U.S. District Judge Frederic Block.
The charge for wire fraud and money laundering additionally requires Igbara to surrender $10 million.
Jay Mazini Labelled a “Crypto Con Man”
The US Attorney’s Office alleges that Igbara, aged 28, executed numerous fraudulent activities, resulting in a loss of over $8 million for unsuspecting investors. In the eleventh month of last year, he confessed to these offenses and entered a plea of guilt.
United States Attorney Breon Peace declared that Igbara was exposed as a deceitful individual during his prosecution, who manipulated his social media following to swindle millions of dollars from investors. Peace further mentioned that Igbara took advantage of the trust within his religious community to squander and gamble their earnings. The expectation is that this sentence will discourage swindlers similar to Igbara from exploiting investors for their own enrichment, he concluded.
Special Agent-in-Charge Thomas Fattorusso of the Internal Revenue Service Criminal Investigation labeled Igbara as a cunning cryptocurrency fraudster. He fabricated a deceptive online persona to lure innocent investors into his scams.
Fattorusso pointed out that Igbara deceitfully took millions from the New York Muslim community. Later, instead of using the money to help those affected by his deception, Igbara wasted and gambled it away. Fattorusso emphasized that Igbara’s actions showed a blatant disregard for the victims of his scam. However, the sentencing ensures that Igbara will spend significant time in prison as punishment for his criminal behavior.
Igbara Orchestrated Overlapping Fraud Schemes
From 2019 to 2021, I, as “Jay Mazini” on Instagram, managed to attract close to one million followers. I showcased my successful investing and entrepreneurial ventures in my posts. Additionally, I expressed my strong faith as a Muslim and shared related content to present myself as a devoted follower of the religion.
Igbara flaunted his supposed riches by posting videos on Instagram where he handed out significant amounts of money to customers at supermarkets and fast-food eateries, as well as an unfortunate woman at the airport who had misplaced her handbag.
Through Halal Capital LLC, Igbara deceitfully instigated an investment scam, luring Muslim-American residents of New York to invest in supposed ventures. He promised returns from stocks, electronics resale, and the sale of personal protective equipment. In truth, Igbara masterminded a Ponzi scheme, misappropriating almost all the funds for his own extravagant living expenses, fancy vehicles, and gambling.
As a researcher investigating the case of Igbara, I discovered that in an attempt to uphold the facade of profitability and keep investors engaged, he initiated another deceptive scheme. He publicly announced on his Instagram and other social media channels that he was willing to purchase various cryptocurrencies at prices above the market rate.
When victims transferred cryptocurrencies to Igbara, he would create fake wire transfer confirmations. These confirmations deceptively showed that he had sent the promised funds in return. However, in truth, no money was actually sent, and Igbara kept the cryptocurrencies for himself.
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2024-04-26 07:44