TechFlow news, according to CoinDesk, a U.S. judge has sentenced Instagram influencer Jegara Igbara, also known as Jay Mazini, to seven years in prison on charges of wire fraud and money laundering, and ordered the forfeiture of $10 million in assets.
The U.S. Attorney's Office said Wednesday that the 28-year-old Igbara carried out multiple fraud schemes, defrauding investors of at least $8 million. He pleaded guilty to the charges in November 2022. The office stated that Igbara operated a Ponzi scheme targeting Muslims through his company Halal-Capital LLC. He posted inflated cryptocurrency prices on his Instagram account and other social media platforms, and sent altered wire transfer confirmation images suggesting he had sent funds when in fact no such transfers were made.
