$8 Million Cryptocurrency Ponzi Scheme Influencer Sentenced to Seven Years in Prison

IconCrypto News Terminal25 Apr, 2024

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$8 Million Cryptocurrency Ponzi Scheme Influencer Sentenced to Seven Years in Prison

Jebara Igbara, an Instagram influencer, has been sentenced to seven years in prison for orchestrating an $8 million cryptocurrency Ponzi scheme that targeted members of the Muslim community. A federal judge handed down the sentence on Friday, along with an order for Igbara to pay $10 million in restitution to his victims. Previously on April 24, 2024, Igbara was arrested and charged with fraud and money laundering. He pleaded guilty to the charges in September, admitting that he had used his social media platform to promote the scheme, promising investors high returns on their cryptocurrency investments. However, prosecutors stated that Igbara used the money from new investors to pay off earlier investors, a classic hallmark of a Ponzi scheme. Many investors lost their entire life savings in the scheme. Igbara's sentence sends a strong message that those who engage in cryptocurrency fraud will be held accountable for their actions. It also serves as a reminder to investors to be wary of any investment opportunity that promises unrealistic returns.

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