Financial Crime: Instagram influencer Jay Mazini pleads guilty to running $8 million Ponzi scheme and crypto scam

by | Nov 2, 2022 | Stock Market

He made his name by showing people the love, but made his fortune by ripping people off. An Instagram
influencer who used videos of himself handing out cash to needy people to amass more than one million followers, has pleaded guilty to stealing over $8 million from thousands of people through a Ponzi scheme and crypto scam.

Jebara Igbara, 27, of Edgewater, NJ, posed online as an altruistic hero named Jay Mazini, showing up at supermarkets and offering to pay for everyone’s groceries. In other videos, he would walk up to fast food restaurants and hand large piles of cash to the people working there.  In one video, he appeared with the rapper 50 Cent, handing out cash to the employees of a Burger King in Queens. A spokeswoman for 50 Cent didn’t immediately respond to a message seeking comment. Igbara claimed he did it to “show love to the people,” but federal prosecutors said his real aim was to make people think he was rich in order to draw them into a variety of investment scams. “The defendant has admitted to leveraging his Instagram popularity to prey upon innocent investors and steal at least $8 million of their hard-earned money,” said Breon Peace, the U.S. attorney for the eastern district of New York. …

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