SEC Charges Halal Capital Founder with Multimillion Dollar Fraudulent Scheme That Targeted Muslim Community
Jebara Igbara, founder of Halal Capital LLC, was charged with running an $8 million Ponzi-like scheme targeting Muslim investors in the New York metropolitan area, and has consented to a permanent injunction and monetary relief.
Jebara Igbara, also known as Jay Mazini, allegedly orchestrated an $8 million Ponzi-like scheme targeting Muslim investors in the New York metropolitan area by falsely promising Quran-compliant, high-return investments in wholesale goods. Igbara misappropriated all investor funds for personal use, including luxury vehicles, jewelry, and gambling debts, and used new investor money to make fraudulent payouts. The SEC alleges violations of federal antifraud securities laws and has secured Igbara's consent to a permanent injunction and pending monetary penalties.
Jebara Igbara, founder of Halal Capital LLC, was charged by the SEC with running an $8 million Ponzi-like scheme targeting Muslim investors in the New York metropolitan area. Igbara, also known as Jay Mazini, allegedly offered promissory notes with guaranteed returns, but instead misappropriated the funds for personal use, including luxury vehicles, jewelry, and gambling debts, and used new investor money to make fraudulent payouts. The scheme, which started in October 2019, claimed to offer investments in Quran-compliant investments, such as wholesale goods like electronics and personal protective equipment. The SEC alleges violations of federal antifraud securities laws and has secured Igbara's consent to a permanent injunction and pending monetary penalties, subject to court approval. In a parallel action, the U.S. Attorney's Office for the Eastern District of New York has also filed criminal charges against Igbara. The SEC emphasized its commitment to combating affinity fraud and urged investors to conduct independent due diligence.
Exhibits & Attached Documents (1)
Extracted insights
- $8.00M $8 million $1M–$10M
- person criminal charges against igbara
- company halal capital llc
- person investor funds
- person jebara igbara
- person promissory notes
- agency sec complaint
- agency sec investigation
- agency Securities and Exchange Commission
- agency U.S. Attorney's Office For The Southern District Of New York
- SEC Charged Jebara Igbara
- Jebara Igbara Started Halal Capital LLC
- Jebara Igbara Offered Promissory Notes
- Jebara Igbara Obtained $8 Million From Investors
- Jebara Igbara Promised Quran-Compliant Investments
- Jebara Igbara Misappropriated Investor Funds
- SEC Complaint Charges Igbara With Antifraud Violations
- Jebara Igbara Consented To Entry Of Judgment
- U.S. Attorney's Office Announced Criminal Charges Against Igbara
- Brian A. Kudon, Neil Hendelman, and Sandeep Satwalekar Conducted SEC Investigation
The Securities and Exchange Commission today charged Jebara Igbara, the founder of Halal Capital LLC, in connection with a more than $8 million scheme that targeted investors from the New York metropolitan area’s Muslim community. According to the SEC’s complaint filed in federal court in Brooklyn, Igbara (a.k.a. Jay Mazini) started Halal Capital in October 2019 with the goal of sharing his purported investment expertise with members of his Muslim community. As part of his alleged scheme, Igbara offered investors promissory notes that claimed to offer guaranteed, significant returns on investments in Halal Capital. The complaint alleges that Igbara obtained about $8 million from investors and promised to invest the funds in Quran-compliant investments, such as being pooled for the purchase of wholesale goods for resale, including electronics and personal protective equipment (“PPE”). However, Igbara misappropriated all of the investor’s funds to make Ponzi-like payments to Halal Capital investors or for his personal use, including to purchase luxury vehicles and expensive jewelry or to pay off gambling debts. "As alleged in the complaint, more than a dozen investors in the Muslim community were targeted in this Ponzi-like scheme whose purpose was to enrich the defendant," said Sheldon Pollock, Associate Director of the SEC’s New York Regional Office. "The Division of Enforcement remains steadfast in pursuing fraud where individuals seek to exploit the trust from fellow members in a community." The SEC’s complaint charges Igbara with violations of the antifraud provisions of the federal securities laws. Igbara has consented to the entry of a judgment that imposes a permanent injunction and monetary relief to be determined at a later date. The settlement is subject to court approval. In a parallel action concerning the same conduct, the U.S. Attorney’s Office for the Eastern District of New York today announced criminal charges against Igbara. The SEC’s Office of Investor Education and Advocacy reminds investors to thoroughly research investments and warns them about making investment decisions based solely on shared affinity. Additional information is available at investor.gov. The SEC’s investigation was conducted by Brian A. Kudon, Neil Hendelman, and Sandeep Satwalekar, and the litigation is being handled by Messrs. Kudon and Satwalekar. The matter is being supervised by Mr. Pollock. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Eastern District of New York and the Internal Revenue Service.
The Securities and Exchange Commission today charged Jebara Igbara, the founder of Halal Capital LLC, in connection with a more than $8 million scheme that targeted investors from the New York metropolitan area’s Muslim community. According to the SEC’s complaint filed in federal court in Brooklyn, Igbara (a.k.a. Jay Mazini) started Halal Capital in October 2019 with the goal of sharing his purported investment expertise with members of his Muslim community. As part of his alleged scheme, Igbara offered investors promissory notes that claimed to offer guaranteed, significant returns on investments in Halal Capital. The complaint alleges that Igbara obtained about $8 million from investors and promised to invest the funds in Quran-compliant investments, such as being pooled for the purchase of wholesale goods for resale, including electronics and personal protective equipment (“PPE”). However, Igbara misappropriated all of the investor’s funds to make Ponzi-like payments to Halal Capital investors or for his personal use, including to purchase luxury vehicles and expensive jewelry or to pay off gambling debts. "As alleged in the complaint, more than a dozen investors in the Muslim community were targeted in this Ponzi-like scheme whose purpose was to enrich the defendant," said Sheldon Pollock, Associate Director of the SEC’s New York Regional Office. "The Division of Enforcement remains steadfast in pursuing fraud where individuals seek to exploit the trust from fellow members in a community." The SEC’s complaint charges Igbara with violations of the antifraud provisions of the federal securities laws. Igbara has consented to the entry of a judgment that imposes a permanent injunction and monetary relief to be determined at a later date. The settlement is subject to court approval. In a parallel action concerning the same conduct, the U.S. Attorney’s Office for the Eastern District of New York today announced criminal charges against Igbara. The SEC’s Office of Investor Education and Advocacy reminds investors to thoroughly research investments and warns them about making investment decisions based solely on shared affinity. Additional information is available at investor.gov. The SEC’s investigation was conducted by Brian A. Kudon, Neil Hendelman, and Sandeep Satwalekar, and the litigation is being handled by Messrs. Kudon and Satwalekar. The matter is being supervised by Mr. Pollock. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Eastern District of New York and the Internal Revenue Service.