He is said to have used the social media platform to promote various schemes to investors, the result of which was an $8 million scam.
Popular Instagram influencer Jebara Igbara, also known as “Jay Manzini,” has pleaded guilty to money laundering, computer fraud, and computer fraud conspiracy. He used the social media platform to promote various schemes to investors but actually swindled them out of $8 million.
Furthermore, Igbara told his followers that he wanted to buy a large number of bitcoins, and that authorized exchanges would not allow him to accumulate such an amount. He urged Instagram users to send him BTC, assuring them that he will pay premium prices for those transactions. Needless to say, he pocketed around $2.5 million in primary cryptocurrencies from the people he lured.
Prison Time for the Criminal
The United States Department of Justice announced that the so-called Instagram influencer “Jay Manzini” will face up to 20 years in federal prison for his crimes.
He admitted that he used his fame on the social media platform to popularize investment products among his followers, primarily part of New York’s Muslim community. The scams resulted in the draining of at least $8 million from the scammed people.
Additionally, “Jay Manzini” ran a multi-million-dollar Bitcoin Ponzi scheme. He posted ads on his Instagram Stories, claiming that he wanted to buy such large amounts of BTC that major trading platforms like Binance and Coinbase wouldn’t let him.
He promised to pay above-market prices for the Bitcoins his fans sent to his personal wallet and provided fabricated images of bank transfers. However, he never sent those funds, and ended up stealing people’s assets:
“All of the victims, in this case, were promised something that was too good to be true. Victims of bitcoin’s upfront fee scheme were guaranteed above the current market value of their bitcoins. This multi-million-dollar case is a reminder to anyone considering investing: be wary of any investment with extraordinary promises, because if it sounds too good to be true, it probably is.”
The Punishment May Not Be So Harsh
Despite running a multi-million-dollar scam, pleading guilty could result in a reduced prison sentence for “Jay Manzini.”
Florida resident Joshua David Nicholas, who stole $100 million in crypto from investors, admitted his crime in September and is expected to remain behind bars for up to five years.
On the other hand, Da Corte, González, and Meza, who stole $4 million in digital currencies from banks and exchange houses, have not pleaded guilty and could spend up to 30 years in prison.
By Audy Castaneda
