The Securities and Exchange Commission has charged Jebara Igbara, the founder of Halal Capital LLC, for an alleged fraudulent scheme worth more than $8 million scheme.
Jebara Igbara, also known as Jay Mazini, used his firm Halal Capital LLC to target investors from the New York metropolitan area’s Muslim community, according to the government agency.
Halal Capital was founded in October 2019 with the claimed goal of sharing his purported investment expertise with members of the Muslim community.
‘Jay Mazini”s Ponzi scheme targeted NY Muslim community
Jebara Igbara offered investors promissory notes that claimed to offer guaranteed, significant returns on investments in Halal Capital and, according to the SEC’s complaint, he obtained about $8 million from investors and promised to invest the funds in Quran-compliant investments.
Sharia-compliant investments included being pooled for the purchase of wholesale goods for resale, including electronics and personal protective equipment (“PPE”).
Instead of providing these Sharia-compliant investment services, Jebara Igbara made Ponzi-like payments to Halal Capital investors and misappropriated the rest of the investor’s funds into his personal accounts for personal use, including luxury vehicles and expensive jewelry or to pay off gambling debts, the SEC alleges.
Sheldon Pollock, Associate Director of the SEC’s New York Regional Office, commented: “As alleged in the complaint, more than a dozen investors in the…
