Jay Mazini, also known as Jabara Igbara, was sentenced to seven years in prison by U.S. District Judge Frederic Block for his involvement in an $8 million fraudulent scheme targeting the Muslim community through Halal-Capital LLC.

Igbara, who claimed to be a cryptocurrency millionaire on Instagram, was found guilty of wire fraud and money laundering charges, leading to his sentencing and the forfeiture of $10 million.

The United States Attorney's Office revealed that Igbara, 28, engaged in multiple fraud schemes, scamming investors out of millions of dollars. He admitted to these charges in November 2022.

United States Attorney Breon Peace described Igbara as a con man, using his social media influence to deceive investors and exploit the trust of his religious community for personal gain. The hope is that Igbara's sentence will serve as a warning to prevent others from similar fraudulent activities.

Thomas Fattorusso, Special Agent-in-Charge of the Internal Revenue Service Criminal Investigation, labeled Igbara a "crypto con man" who manipulated victims into investing in his fraudulent schemes by creating a false online persona.

Igbara spent two years maintaining a significant presence on Instagram, portraying himself as a successful investor and entrepreneur while engaging with his nearly one million followers. He showcased his alleged wealth through videos of him distributing cash to random individuals in public places.

Through Halal Capital LLC, Igbara lured members of the Muslim-American community in New York into investing in fake ventures related to stocks, electronics, and personal protective equipment. In reality, he diverted most of the funds for personal expenses, luxury items, and gambling, operating a Ponzi scheme.

To sustain the illusion of profitability and retain investors, Igbara initiated another scam involving the purchase of cryptocurrencies at inflated prices. He used Instagram and other platforms to advertise this scheme, falsely confirming wire transfers for cryptocurrency payments that were never made, pocketing the digital assets sent by his victims.