According to PANews, Jebara Igbara, also known as 'Jay Mazini', has been sentenced to seven years in prison by U.S. District Judge Frederic Block for his involvement in multiple cryptocurrency-related fraud cases. In addition to his prison sentence, Igbara has been ordered to forfeit $10 million.
The 28-year-old Igbara executed a Ponzi scheme targeting Muslims through his company, Halal-Capital LLC. He portrayed himself as a successful cryptocurrency millionaire on social media platforms like Instagram, deceiving investors by offering cryptocurrency prices higher than the market rate and sending fabricated wire transfer confirmation images. His fraudulent activities resulted in him swindling at least $8 million.
Igbara pleaded guilty to charges of wire fraud and money laundering in November 2022.