Background
In a dramatic turn of events, Jabara Igbara, popularly known as “Jay Mazini” on Instagram, has been sentenced to seven years in prison by U.S. District Judge Frederic Block for his involvement in a fraudulent scheme, say Bobcasino experts. Igbara, 28, pleaded guilty in November 2022 to wire fraud and money laundering charges, admitting to defrauding investors of at least $8 million.
The Scheme
Jay Mazini, who portrayed himself as a crypto millionaire on Instagram, primarily targeted the Muslim community through his company, Halal-Capital LLC. Under the guise of legitimate investments, Igbara orchestrated multiple fraudulent schemes, betraying the trust of his religious community and exploiting their hard-earned money for personal gain.
In 2021, Jay Mazini allegedly induced victims to send him Bitcoin by falsely claiming to have sent wire transfers of cash in exchange for the Bitcoin. In reality, Igbara never sent the money and stole at least $2.5 million worth of Bitcoin from victims.
Legal Consequences
United States Attorney Breon Peace expressed relief at Igbara’s sentencing, stating that it sends a clear message to fraudsters like Igbara that they will face severe consequences for their actions. Peace emphasized the importance of deterring individuals from victimizing investors for personal profit.
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Modus Operandi of Jay Mazini
Operating under the persona of Jay Mazini, Igbara amassed nearly one million followers on Instagram. He projected an image of wealth and success, often sharing content related to his Muslim faith to gain the trust of his audience.
He would post videos of himself giving out cash as gifts. In January 2021, he started offering to buy Bitcoin from other Instagram users at prices higher than the market value. He claimed he could pay more because traditional Bitcoin exchanges were limiting his purchases.
However, behind the facade, Igbara was running a Ponzi scheme through Halal-Capital LLC, diverting funds for personal expenses and gambling.
Through a company called Halal-Capital LLC, Igbara ran a Ponzi scheme that targeted Muslims. He posted on his Instagram account and other social media offering above-market prices for cryptocurrencies. He sent doctored images of wire transfer confirmations suggesting he had sent the money. In reality, he never sent the money to the cryptocurrency owners.
Impact
Igbara’s actions have had a devastating impact on the Muslim-American community in New York, many of whom were deceived into investing in his fraudulent schemes. The sentencing of Igbara serves as a stark reminder of the risks associated with trusting individuals who promote themselves as successful investors or entrepreneurs on social media platforms.
The sentencing of Jay Mazini highlights the importance of conducting thorough due diligence before investing in any scheme, especially those promoted by social media influencers. It also underscores the need for increased awareness and vigilance to protect against fraudulent activities in the digital age.
