- Igbara informed his followers that he planned to purchase a substantial quantity of bitcoin.
- He made off with major cryptocurrencies to the tune of $2.5 million from the duped victims.
After being charged with money laundering, wire fraud, and wire fraud conspiracy, Instagram star Jebara Igbara, aka “Jay Manzini,” entered a guilty plea. He conned investors out of $8 million using social media to spread false information about investment programmes.
Moreover, Igbara informed his followers that he planned to purchase a substantial quantity of bitcoin but that official exchanges would not let him collect such a hoard. He asked Instagram followers to transfer him Bitcoin, promising high fees in exchange. Naturally, he made off with major cryptocurrencies to the tune of $2.5 million from the duped victims.
Shorter Sentence Since Plead Guilty
The United States Department of Justice (DOJ) has said that the so-called “Instagram influencer” “Jay Manzini” might face up to 20 years in federal prison for his crimes.
He admits exploiting his online notoriety to promote investment services to his fans, most of whom are members of New York City’s Muslim population. Swindled victims lost at least $8 million due to the frauds.
The statement reads:
“With today’s plea, the defendant has admitted leveraging his Instagram popularity to prey upon innocent investors and steal at least $8 million of their hard-earned money. Together with our agency partners, this Office is committed to bringing scammers to justice.”
Although “Jay Manzini” ran a multi-million dollar fraud, he stands to get a shorter term if he pleads guilty. In this scenario, everyone who fell for the scam was promised something astonishing. A higher return than the bitcoin’s then-current market price was promised to the victims of the advance fee scam.
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