The Justice Department has announced that an Instagram creator identified for uploading videos of himself distributing cash pleaded guilty to fraud charges after being accused of stealing $8 million from investors.
He was billed with wire fraud, conspiracy to commit wire fraud, and money laundering. When sentenced, Jebara Igbara, also known online as "Jay Mazini," could face up to 20 years in prison.
Igbara, a 27-year-old New Jersey resident, ran a Ponzi scheme and used investor funds for personal expenses and gambling. He was charged with swindling New York's Muslim-American community members by soliciting funds for stock investments, electronics reselling, and coronavirus-related protective equipment.
According to the Department of Justice, Igbara would publicly declare on social media that he was prepared to pay above-market prices for cryptocurrencies. He would then send victims manipulated images of wire transfer confirmations, but he would never send payment. He was also stealing the cryptocurrency his victim sent to pay his investors.
"The accused has conceded to preying on unsuspecting investors and stealing at least $8 million of their hard-earned money," said Breon Peace, the US attorney.
What are your thoughts on the recent guilty plea from an Instagram scammer? Drop your comments by sharing this article on social media.