Current:Home > NewsCesar Pina, a frequent on Dj Envy's 'The Breakfast Club', arrested for real estate Ponzi-scheme-LoTradeCoin
Cesar Pina, a frequent on Dj Envy's 'The Breakfast Club', arrested for real estate Ponzi-scheme
View Date:2024-12-23 19:37:17
Federal agents in New Jersey arrested a business partner of DJ Envy for alleged real estate fraud.
Cesar Pina, featured on Envy's "The Breakfast Club," was arrested for wire fraud recently. He allegedly defrauded dozens of victims through a Ponzi-like scheme. Envy, whose real name is Rashaun Casey, was not charged, but many alleged victims claim his celebrity influenced them.
A source familiar with the investigation told NBC 4 that federal agents visited iHeartRadio offices and seized electronic equipment as part of the ongoing investigation. DJ Envy's attorney, Massimo D'Angelo, denied such claims.
Envy partnered with Pina to teach on generational wealth and home buying to uplift the community on "The Breakfast Club."
"I did these seminars and brought industry professionals to all these seminars," Envy shared on his morning show. "Now, Cesar, if he took money, I wasn't privy to it, nor did I even know. But I do understand how people feel if they did give him money."
Envy claimed that he empathized with Pina's victims because he allegedly gave him money but did not receive a return. He denied stealing from anyone.
After that show ended, Pina was arrested by federal agents on one count of wire fraud charges, which the co-host plead not guilty to. He was released on a $1 million bond but is now under electronic monitoring. As a constructive measure, he has been prohibited from leaving the state of New Jersey, as he may face additional charges for money laundering.
In the complaint, local U.S. Attorney Philip R. Sellinger stated that Pina used his celebrity status and social media presence to gain a devoted following of potential victims, whom he then exploited.
"Pina and his business partner, a well-known disc jockey and radio personality ("Individual-1"), operated a company that conducted real estate seminars around the country. Together, they used Individual-l's celebrity to promote various real estate enterprises that Pina controlled."
According to Yahoo News, Envy's wife, Gia Casey, reportedly removed some of her social media posts featuring the numerous luxury designer items that Envy buys her in a year. Envy is known for gifting his wife with presents for each of the 12 days leading up to Christmas, earning him a reputation for lavish gift-giving.
More high profile arrests:Las Vegas prosecutor faces charges after police say he tried to lure an underage girl for sex
What was the scheme?
Starting in 2017, Pina began taking investments to renovate and resell properties, promising a 20-45% return on investment (ROI) within five months across New Jersey and other places.
According to reports, Pina is accused of diverting some investments for his personal gain and using fresh investments to repay the earlier investors. Shortly before Pina's arrest, NBC 4 New York covered a story of several investors who had not received the project's promised payments.
Pina allegedly scammed investors by soliciting investments in properties he didn't own and offering the same properties to multiple investors. He is also accused of attempting to pay an investor back in jewelry. Pina and his wife, full name Jennifer, are now facing over 20 lawsuits.
What will happen next?
As previously stated, following his arrest, Pina was released on a $1 million bond and is currently restricted to New Jersey. If found guilty of wire-fraud, he could face a maximum of 20 years in prison and significant fines.
veryGood! (7371)
Related
- Jamie Lee Curtis and Don Lemon quit X, formerly Twitter: 'Time for me to leave'
- My war refugee parents played extras in 'Apocalypse Now.' They star in my 'Appocalips.'
- Judge limits witness questioning, sets legal standard for Alex Murdaugh jury tampering case
- Kaley Cuoco gets candid about first year of motherhood, parenting hacks
- Inter Miami's MLS playoff failure sets stage for Messi's last act, Alexi Lalas says
- Jason Kelce addresses retirement rumors: 'Too much emotion' to make that decision now
- Horoscopes Today, January 16, 2024
- Pakistan condemns Iran over bombing allegedly targeting militants that killed 2 people
- Pete Rose fans say final goodbye at 14-hour visitation in Cincinnati
- Ohio child hurt in mistaken police raid, mom says as authorities deny searching the wrong house
Ranking
- A list of mass killings in the United States this year
- Severed hand found in the pocket of man suspected of killing woman in Colorado, police say
- Who hosted the 2024 Emmy Awards? All about Anthony Anderson
- Mila De Jesus' Husband Breaks Silence After Influencer’s Death
- West Virginia expands education savings account program for military families
- Fireworks factory explodes in central Thailand causing multiple reported deaths
- 'Devastating': Boy, 9, dies after crawling under school bus at Orlando apartment complex
- Ocean explorers discover 4 new species of deep-sea octopus, scientists say
Recommendation
-
Trump hammered Democrats on transgender issues. Now the party is at odds on a response
-
Judge limits witness questioning, sets legal standard for Alex Murdaugh jury tampering case
-
Blackhawks vs. Sabres postponed to Thursday as heavy snow, travel ban hit Buffalo
-
Shooter in Colorado LGBTQ+ club massacre intends to plead guilty to federal hate crimes
-
How Jersey Shore's Sammi Sweetheart Giancola's Fiancé Justin May Supports Her on IVF Journey
-
Biden administration finalizes a $1.1 billion aid package for California’s last nuclear power plant
-
Ocean explorers discover 4 new species of deep-sea octopus, scientists say
-
DirecTV, Tegna reach agreement to carry local NBC, CBS, ABC, Fox stations after dispute