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“Crypto Con Man” Sentenced for Ponzi Scheme Targeting Muslims

Posted by Joseph D. Lento | Jun 27, 2024 | 0 Comments

A New York man was recently sentenced to 7 years in prison after pleading guilty to charges of wire fraud, wire fraud conspiracy, and money laundering in connection with a Ponzi scheme that targeted primarily Muslim investors. Jebara Igbara, who went by the name “Jay Mazini,” used social media accounts to draw attention to his investment schemes, at times making splashy public appearances where he would hand out wads of cash to members of the public. After being accused of fraud by online researchers, he was eventually arrested on federal charges in the Eastern District of New York.

If you've been charged with a financially related crime, whether at the federal or state level, you need a strong defense to help protect your rights. The Lento Law Firm Criminal Defense Team has the experience and guts to protect you against the government when prosecutors have you in their sights. Call us today at 888.535.3686 or schedule a confidential consultation to discuss your case and learn how we can help.

Investors Lose More Than $8 Million

According to the criminal charges filed against Igbara by prosecutors, Igbara used his popularity on social media – his “Jaymanzini” Instagram account had more than 1 million followers – to create the impression that he was a successful investor, also posting “material related to his Muslim faith, portraying himself as religious.” Prosecutors accused him of multiple schemes. In one, Igbara formed a company he called Halal Capital LLC and promised guaranteed returns on investments but instead of investing the money he was entrusted with, he spent the investor's funds on “personal expenses, including luxury vehicles and jewelry, as well as gambling at casinos,” in addition to paying off earlier investors who he owed money to.

Prosecutors also accused Igbara – who they dubbed “a crypto con man” – of making false offers to purchase Bitcoin from individuals at above-market prices, pretending to pay for the Bitcoin with fake wire transfers, then keeping the transferred Bitcoin without ever paying for it. Altogether, Igbara was accused of defrauding individual investors of at least $8 million.

Financial Crime Charges Are Complex and Serious

There are a wide range of state and federal laws that apply to investments, accounting practices, financial transactions, and money management that can trip up even sophisticated business people. If you've been accused of a financially related crime such as money laundering or investment fraud, you need the help of an attorney who understands these often complex laws and knows how to defend against them. This is not the time to try to defend yourself! These so-called “white collar crimes” often come with serious prison sentences, and you need the help of an experienced defense attorney who will make sure your rights are protected throughout what can be a very difficult and lengthy process.

The Lento Law Firm Criminal Defense Team is Here to Help

The experienced attorneys who are part of the Lento Law Firm Criminal Defense Team understand what it takes to defend clients across New Jersey from prosecution at both the federal and state level. We are prepared to protect you at every step and to make sure the government and the courts respect your rights in any criminal investigation or prosecution.

Call the Lento Law Firm Criminal Defense Team today at 888.535.3686 or schedule a confidential consultation to tell us about your case and learn how we can help. When your future is at stake, the Lento Law Firm is ready to protect your rights.

About the Author

Joseph D. Lento

"I pride myself on having heart and driving hard to get results!" Attorney Joseph D. Lento passionately fights for the futures of his clients in criminal courtrooms in New Jersey and nationwide. He does not settle for the easiest outcome, and instead prioritizes his clients' needs and well-being. With unparalleled experience occupying several roles in the criminal justice system outside of being an attorney, Joseph D. Lento can give you valuable behind-the-scenes insight as to what is happening during all phases of the legal process. Joseph D. Lento is licensed in New Jersey and New York, and is admitted pro hac vice as needed nationwide. In the courtroom and in life, attorney Joseph D. Lento stands up when the bell rings!

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When it comes to criminal defense cases, you need the right person in your corner. To learn more about how Mr. Lento can help you, call the Lento Law Firm today at 888-535-3686. or contact him online.

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