SEC Charges Halal Capital Founder with Multimillion Dollar Fraudulent Scheme That Targeted Muslim Community

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”).