An instagrammer known as Jay Mazini has pleaded guilty to money laundering using bitcoins. Now the blogger faces up to 20 years in prison.
In March of last year, Jebara Igbara was charged by the US Department of Justice with stealing bitcoins from his subscribers. Recently, the defendant pleaded guilty in federal court to three counts: cryptocurrency fraud using electronic means, conspiracy to commit misconduct, and money laundering. According to court documents, until March 2021, Igbara maintained an Instagram account under the pseudonym Jay Mazini, posting videos about giving away large amounts of money for free in exchange for bitcoins.
The attacker promised people payments significantly higher than the cost of bitcoin. After receiving the BTC, the accused sent fake screenshots to the victims, allegedly confirming the transfer of the promised money to a bank account. Naturally, in fact, no payments were received to people. In total, investors were defrauded of at least $8 million.
Igbara is also accused of defrauding members of New York's Muslim-American community. The blogger promised that their money will be used to invest in stocks and personal protective equipment against coronavirus. However, in fact, the instagramer embezzled the money, spending it on personal expenses and gambling.
The promotion of cryptocurrencies by users of social networks with a large number of subscribers raises serious questions from lawyers. Many legal experts believe that the disclaimer of liability for possible financial losses of users will not be able to protect cryptocurrency bloggers from the court.
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US blogger given Seven years in prison for Crypto fraud
A Brooklyn federal court has sentenced Instagram blogger Jebar Igbar, known as Jay Masini, to 84 months in prison for running cryptocurrency scam schemes.
He was found guilty of fraud using electronic means of communication, conspiracy and money laundering in the amount of at least $8 million.
The verdict also requires the confiscation of $10 million from the defendant. The amount of compensation to the victims will be announced later.
Igbar was arrested in March 2021 for the duration of the trial after a complaint from one of his subscribers. In November 2022, he pleaded guilty to all charges.
According to the investigation, the blogger kept an Instagram account, where he published videos with the distribution of large amounts of money. At the same time, Igbar allegedly bought cryptocurrency for cash at an inflated rate, but in reality he simply stole assets from subscribers.
He managed his scheme through a shell company called Halal-Capital LLC. The prosecutor's office said that the main target was Muslims from New York.:
"Unfortunately, he targeted his own religious community, taking advantage of their trust to steal and spend their hard-earned money. We hope that today's verdict will make scammers like him think twice about the consequences."
According to the statement of law enforcement officers, Igbar created a fictitious image of a rich crypto investor to attract victims.
• Source: https://www.justice.gov/usao-edny/p...entenced-84-months-prison-overlapping-fraud-0
In March of last year, Jebara Igbara was charged by the US Department of Justice with stealing bitcoins from his subscribers. Recently, the defendant pleaded guilty in federal court to three counts: cryptocurrency fraud using electronic means, conspiracy to commit misconduct, and money laundering. According to court documents, until March 2021, Igbara maintained an Instagram account under the pseudonym Jay Mazini, posting videos about giving away large amounts of money for free in exchange for bitcoins.
The attacker promised people payments significantly higher than the cost of bitcoin. After receiving the BTC, the accused sent fake screenshots to the victims, allegedly confirming the transfer of the promised money to a bank account. Naturally, in fact, no payments were received to people. In total, investors were defrauded of at least $8 million.
Igbara is also accused of defrauding members of New York's Muslim-American community. The blogger promised that their money will be used to invest in stocks and personal protective equipment against coronavirus. However, in fact, the instagramer embezzled the money, spending it on personal expenses and gambling.
The promotion of cryptocurrencies by users of social networks with a large number of subscribers raises serious questions from lawyers. Many legal experts believe that the disclaimer of liability for possible financial losses of users will not be able to protect cryptocurrency bloggers from the court.
+++++++++++
US blogger given Seven years in prison for Crypto fraud
A Brooklyn federal court has sentenced Instagram blogger Jebar Igbar, known as Jay Masini, to 84 months in prison for running cryptocurrency scam schemes.
He was found guilty of fraud using electronic means of communication, conspiracy and money laundering in the amount of at least $8 million.
The verdict also requires the confiscation of $10 million from the defendant. The amount of compensation to the victims will be announced later.
Igbar was arrested in March 2021 for the duration of the trial after a complaint from one of his subscribers. In November 2022, he pleaded guilty to all charges.
According to the investigation, the blogger kept an Instagram account, where he published videos with the distribution of large amounts of money. At the same time, Igbar allegedly bought cryptocurrency for cash at an inflated rate, but in reality he simply stole assets from subscribers.
He managed his scheme through a shell company called Halal-Capital LLC. The prosecutor's office said that the main target was Muslims from New York.:
"Unfortunately, he targeted his own religious community, taking advantage of their trust to steal and spend their hard-earned money. We hope that today's verdict will make scammers like him think twice about the consequences."
According to the statement of law enforcement officers, Igbar created a fictitious image of a rich crypto investor to attract victims.
• Source: https://www.justice.gov/usao-edny/p...entenced-84-months-prison-overlapping-fraud-0
