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NEW YORK – Jebara Igbara, also known as Jay Mazini, has pleaded not guilty in a Brooklyn federal courtroom to three counts of wire fraud, wire fraud and money laundering.
The Edgewater, New Jersey man has 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 engaged in overlapping fraud schemes, bilking investors out of over $8 million.
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“All the victims in this case were promised something that was too good to be true. Those in the Ponzi scheme were all guaranteed high returns in a short period of time, the victims of the above Bitcoin payment scheme have been certified. current market value for their Bitcoins,” said IRS-CI Agent-in-Charge Fattorusso.
Igbara was also charged with a scheme to defraud members of the Muslim-American community in New York by soliciting their money on the pretext of investing in stock, buying electricity, and selling personal protective equipment (PPE) related to COVID-19.
Igbara was sentenced to 20 years in prison.
The truth is adding a Bitcoin option to 401(k) accounts.
Companies that use Fidelity to manage their 401(k) accounts will begin to start investing in cryptocurrency after 2022.
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