Decisive Justice: Crypto Fraud Sentenced to Prison and Confiscation
Date: 2024-04-26 Author: Oliver Abernathy Categories: IN WORLD
The US District Court has ruled in the case of Jabara Igbara, known as Jay Mazini, accused of fraud and criminal schemes. The fraudster was sentenced to seven years in prison for defrauding investors, and was also ordered to confiscate $10 million.
Playing with the image of a crypto investor
Until 2021, Igbara actively maintained an Instagram account, presenting himself as a generous crypto investor who gives away large sums of money as gifts. His popularity on the platform has attracted many followers, and his image of wealth and success in the world of cryptocurrencies has become a magnet for investors.
Financial pyramid and loss of trust
Using his firm Halal-Capital LLC, Igbara created a pyramid scheme targeting the Muslim community. He defrauded companies and individuals, collecting more than $8 million. The victims of his schemes not only suffered financially, but also lost confidence in him as a purported investor.
Final decision
The trial resulted in a seven-year prison sentence for Igbara and the forfeiture of $10 million. The verdict will serve as a warning to those who abuse the public trust and use social media to attract victims.
The words of New York Internal Revenue Service Special Agent Tom Fattorusso underscore the significance of the sentence, which demonstrates that crypto fraudsters will be held accountable for their criminal actions.
