Instagram influencer ‘Jay Mazini’ pleads guilty to Ponzi scheme

Instagram influencer ‘Jay Mazini’ pleads guilty to Ponzi scheme

A disgraced Instagram influencer pleaded responsible on Wednesday to swindling buyers out of a number of million {dollars} as a part of a Ponzi scheme focusing on New York’s Muslim-American group.

Jebara Igbara — who ran a well-liked Instagram account underneath the identify “Jay Mazini” — solicited cash from Muslim New Yorkers ostensibly in return for inventory, electronics and COVID-19 protecting tools, in line with federal prosecutors in Brooklyn. 

Igbara pocketed a minimum of $8 million within the rip-off – and blew all of the money on private bills and playing, the feds stated. 

He then launched a second scheme to repay obvious returns he had promised his sufferer, by posting on his Instagram web page that he would pay above market-rate sums for cryptocurrencies. 

Igbara then despatched his victims doctored photographs of wire transfers purportedly exhibiting fee for the crypto. In actuality, Igbara was stealing the forex, the feds stated.

Igbara stole a minimum of $8 million within the scheme, in line with federal prosecutors.Instagram/Jay Mazini

Igbara faces as much as 20 years in jail.Instagram/Jay Mazini

The previous social media star pleaded responsible to wire fraud and cash laundering expenses. He faces as much as 20 years in jail when he’s sentenced within the case. 

Regulation enforcement authorities praised the responsible plea Wednesday. 

“This multi-million greenback case is a reminder for anybody pondering of investing: Be skeptical of any investments with bigger than life guarantees, as a result of if it sounds too good to be true, it most likely is,” IRS-CI Particular Agent-in-Cost Fattorusso stated in an announcement.

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