Former Social Media Star pleads guilty In $8 million Bitcoin Scam

Jay Mazini pleaded guilty to defrauding investors out of millions of dollars in Ponzi scheme targeting New York’s Muslim-American community.

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His real name is Jebara Igbara but is popularly known as Jay Mazini.

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According to federal prosecutors in Brooklyn, he solicited money from Muslim New Yorkers ostensibly in return for stock, electronics and COVID-19 protective equipment.

As per federal officials, Igbara made at least $8 million in the scam and squandered all the money on personal spending and gambling.

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He also launched a second scheme to repay the apparent profits promised to its victims by posting on its Instagram page that it would pay above-market prices for cryptocurrencies.

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Igbara then sent victims a manipulated image of cryptocurrency payment but in reality, he stole the currency, Fed said.

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If convicted in this case, he may face up to 20-year of prison.

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