Age 27, Jay Mazini is an Instagram influencer from New Jersey. He is known for leading a life of luxury and giving cash gifts to strangers. But, the Edgewater resident was recently charged with wire fraud and attempted money laundering. Here is what happened.
Jay Mazini pleads guilty to Ponzi fraud, developed on Instagram
According to a Justice Department memo, Instagram influencer Jay Mazini was accused wire fraud and conspiracy to launder money. Real name Jebara Igbara, the influencer has set up fraudulent schemes in connection with cryptos. Indeed, at the beginning of 2021, he used his popularity to ask his followers to send him bitcoins (BTC) which he would buy at prices 3.5% to 5% above those of the market. He justified this by the fact that exchanges were limiting his supply of BTC.
Once it received the cryptos, it would send fake wire transfer proofs to its victims. He is estimated to have racked up nearly $3 million through this crypto fraud. The FBI has it stopped a little over a year ago.
On Wednesday, the accused pleaded guilty to all counts in a Brooklyn court. Now the Instagram influencer must pay several million dollars to compensate all its victims. He faces up to 20 years in prison.
Note that the Instagram influencer is not his first crime. Indeed, he is currently in detention for having also perpetrated a kidnapping in March 2021. It was one of his victims who threatened to file a complaint against him and tarnish his image. He abducted the man, stripped him naked, beat him and threatened him with a machete.
Creation of a halal product to defraud Muslim investors
Investigators discovered that the social media star was running several crypto fraud schemes. Mazini used his influence to attract members of a Muslim community to invest in his company, Halal Capital. It was during the pandemic. He convinced investors to pour their money into buying bulk disinfectants, electronic devices and medical masks. The retail resale of these products should generate profits that would accrue to investors.
Through this enterprise, they defrauded at least $8 million. He used these funds in purchases of luxury items and in gambling.
Jay Mazini became known through videos of himself that he posted to show his gifts to strangers. He offered wads of cash to fast-food employees and Walmart customers. But this money was the result of schemes he carried out by defrauding people via cryptos. He faces up to 20 years in prison.
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