Source: Courtesy of / Cesar Pina’s Instagram
DJ Envy’s business partner, Cesar Humberto Pina, was released on a $1 million bond Oct. 18 after being arrested and charged with one count of wire fraud for allegedly running a multimillion-dollar Ponzi fraud scheme, according to the feds.
The Breakfast Club co-host, born Raashaun Casey, was unnamed in the Oct. 18 statement released by the United States Attorney’s Office of the District of New Jersey. However, the authorities noted that Pina, a real estate investor and influencer, partnered with “a celebrity disc jockey and radio personality to conduct real estate seminars around the country.” Billboard further reported that DJ Envy denies promoting Pina despite the alleged scam artist’s appearances on The Breakfast Club.
The complaint against Pina — a 45-year-old Franklin Lakes, New Jersey, resident — asserts that he exploited his high-profile status to gain a following of potential victims to scam.
U.S. Attorney Philip R. Sellinger noted that Pina “defrauded dozens of people of millions of dollars.”
The authorities’ details on the alleged fraud scheme noted that Pina received millions from victims to purchase, remodel and invest in residential properties in several states including New Jersey. Pina reportedly got his victims on the hook by promising returns that were “too good to be true” and “ridiculously high,” such as 20% to 45% of their returns within five months.
Instead of sharing his profits with investors, Pina allegedly defrauded the individuals in a Ponzi scheme. The 45-year-old allegedly kept his fraud scam going by using money from new investors to pay his old investors, while also taking a cut to spend on “personal expenditures.”
If found guilty, Pina faces up to 20 years in prison and a fine of $250,000. Another possible outcome entails Pina paying twice the gross amount of any financial gain derived from the offenses or pecuniary loss sustained by any victims.
Accusations against Pina became public in May, according to Billboard.
The source said that dozens of victims filed lawsuits after an Instagram account called out the real estate investor’s allegedly shady business. Notably, DJ Envy was named in several of the complaints, and one of the lawsuits even accused him of “aiding and abetting” Pina.
The Breakfast Club co-host’s lawyer, Massimo F. D’Angelo, denied DJ Envy’s involvement in Pina’s alleged wrongdoing. The attorney argued that Pina’s case was being sensationalized with his client’s attachment. The attorney also denied the report that federal agents removed electronic equipment in connection to the investigation during a visit to iHeartRadio’s offices, reported NBC New York.
The longtime radio host addressed the controversy on the Oct. 11 episode of The Breakfast Club despite his legal counsel’s recommendations. DJ Envy said he only worked with Pina because he wanted to uplift his community and spread knowledge about real estate, investing and generational wealth.
“Now [Pina], 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, because I gave him a lot of money that I didn’t see a dollar of return.”
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