The Securities and Exchange Commission has charged Jebara Igbara, the founder of Halal Capital LLC, with a fraud scheme said to be worth more than $8 million.
Jebara Igbara, also known as Jay Mazini, used his firm Halal Capital LLC to target investors from New York City’s Muslim community, according to the federal agency.
Halal Capital was founded in October 2019 and says it aims to share its investment expertise with members of the Muslim community.
‘Jay Mazini’ Ponzi scheme targeted the NY Muslim community
Jebara Igbara sent investors promises promising to provide guaranteed and large amounts of money for investments in Halal Capital, and according to the SEC’s complaint, he received about $8 million from investors and promised to invest the money in investments related to the Quran.
Saudi Arabia’s investments include the purchase of wholesale goods for resale, including electronic equipment and personal protective equipment (“PPE”).
Instead of providing these Sharia-compliant investment services, Jebara Igbara makes Ponzi-like payments to Halal Capital investors and withdraws the investor’s remaining funds into his accounts for personal use, including luxury cars and expensive jewelry, or to pay gambling debts, the SEC said.
Sheldon Pollock, Deputy Director of the SEC’s New York Regional Office, said: “As alleged in the complaint, more than a dozen investors in the community Muslim was targeted in this Ponzi-like scheme aimed at enriching the accused. The Enforcement Division is committed to pursuing fraud in which individuals seek to exploit trust from fellow members of the community.
‘Jay Mazini’ will be jailed for 20 years
Yesterday, “Jay Mazini” pleaded guilty in federal court in Brooklyn to three counts charging him with wire fraud, conspiracy to commit wire fraud and money laundering.
His mission is to maintain a popular Instagram account under the name “Jay Mazini,” where he posts videos showing, among other things, the times he sends large sums of money to people to donate. In reality, Igbara was running overlapping fraud schemes, defrauding investors out of over $8 million.
He is accused of conducting a scheme to defraud members of the Muslim-American community in New York by soliciting their money for investing in livestock, buying electricity, and buying appliances. personal protective equipment (PPE) related to COVID-19. he was running a Ponzi scheme and took almost all of the money for his spending and gambling activities.
In a second fraudulent scheme, he posted on his Instagram and other social media accounts that he was willing to pay above-market prices for various cryptocurrencies. He sent his victims photos of wire transfer confirmations claiming to have paid for the promised cryptocurrency, when in fact the payment was never made and Igbara was simply stealing the money. crypto provided by his victim.
He will be imprisoned for 20 years.
It’s too good to be true
“With today’s plea, the fraudster has admitted to using his Instagram fame to prey on innocent investors and steal at least $8 million of their hard-earned money,” said the Attorney General. of the United States Peace. “Together with our agency partners, this Department will do its best to bring the perpetrators to justice.”
“As he admitted today, Igbara engaged in several fraudulent schemes to defraud many investors out of their money. The FBI and our law enforcement partners are working hard to stop the types of fraud and keeping them in the criminal justice system,” said FBI Assistant Director-in-Charge Driscoll.
“All the victims in this case were promised something too good to be true. Those in the Ponzi scheme all confirmed the high return in a short period of time, as victims of the Bitcoin forward payment scheme have been guaranteed more than the current market value of their Bitcoins. This multi-million dollar case is a reminder for those who are thinking of investing: Do not trust big investments more than the promises of life, because it’s too good to say, maybe,” said IRS-CI Special Agent-in-Charge Fattorusso.