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Instagram Personality Pleads Guilty To Wire Crypto Fraud

The Department of Justice said that an Instagram creator renowned for uploading videos of himself handing away cash pled guilty to fraud charges after being accused of stealing $8 million from investors.

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According to authorities, Igbara, a 27-year-old New Jersey resident, ran a Ponzi scheme and utilized investor funds for personal spending and gambling. Igbara was charged with scamming members of New York’s Muslim-American community by collecting cash for stock investments, electronics sales, and coronavirus-related personal protective equipment.

When sentenced, Jebara Igbara, also known online as Jay Mazini, may face up to 20 years in prison. He was charged with wire fraud, conspiracy to commit wire fraud, and money laundering.

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Breon Peace, the U.S. Attorney for the Eastern District of New York, said:

“The defendant has admitted to leveraging his Instagram popularity to prey upon innocent investors and steal at least $8 million of their hard-earned money. This office is committed to bringing scammers to justice.”

According to the Department of Justice, Igbara would announce on social media that he was prepared to pay above-market prices for cryptocurrencies. He would then give victims manipulated photos of wire transfer confirmations but never transmit payment. Igbara was merely taking the cryptocurrency given by his victim to pay his investors.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.