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Federal prosecutors introduced Wednesday that Cesar Pina were charged with one rely of twine fraud for operating a pyramid scheme concentrated on actual property traders.
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A social media influencer and the industry spouse of a well-liked New Jersey radio DJ was once arrested this week for operating an allegedly fraudulent actual property undertaking.
Federal prosecutors introduced Wednesday that Cesar Pina were charged with one rely of twine fraud for operating a Ponzi-like scheme that concerned him taking tens of millions of bucks in investments to supposedly put money into flipping homes that he didn’t in fact personal.
“As alleged within the grievance, Pina exploited famous person standing and social media to broaden a loyal following of doable sufferers,” U.S. Legal professional Philip R. Sellinger mentioned in a commentary. “Promising returns that had been too excellent to be true, Pina allegedly defrauded dozens of other people of tens of millions of bucks.”
Pina ceaselessly partnered with DJ Envy, a co-host of the vastly widespread syndicated radio display “The Breakfast Membership,” to provide seminars on actual property funding. Envy additionally ceaselessly used his airtime to advertise Pina’s allegedly fraudulent home-flipping undertaking.
“We’ve helped such a lot of other people, now not simply common other people, however celebrities, athletes, executives,” the DJ, RaaShaun Casey, has mentioned at the morning radio display.
Thru his affiliation with Envy, Pina garnered a big social media following and leveraged it to draw extra traders.
In keeping with proof offered in court docket paperwork, Pina frequently promised 20 p.c to 45 p.c returns on funding inside of 5 months. However as a substitute of the usage of traders’ cash to buy and rehab properties, he allegedly used his sufferers’ investments to repay prior sufferers and spent their price range on non-public purchases.
Pina faces a most penalty of twenty years in jail and a high quality of $250,000. He was once launched on a $1 million bond after showing in federal court docket in Newark this week.
Envy has insisted he’s himself a sufferer of Pina.
“[Envy] is a sufferer, similar to the opposite alleged sufferers are in reference to the rip-off,” Massimo D’Angelo, Envy’s legal professional, instructed NBC.
Talking on his radio display this week in opposition to the recommendation of his legal professionals, Envy echoed that line and insisted he by no means noticed a dime from Pina’s scheme.
“I gave him some huge cash, that I didn’t see a buck of returned,” Envy mentioned. “However for any to mention I used to be concerned — that’s completely now not true, I might by no means.”
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