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Real estate investor and influencer Cesar Pina was arrested on October 18, 2023, for being involved in an investment fraud scheme with DJ Envy. Special Agent in Charge of IRS – Criminal Investigation Newark Field Office Tammy Tomlins explained the entire scheme and said:
"They falsely represented the nature of their business and lied about potential investment returns to bilk unsuspecting victims out of millions."
United States Attorney's Office revealed that Cesar Pina has been released on a bond of $1 million after being presented in front of the U.S. Magistrate Judge Edward S. Kiel. Further, U.S. Attorney Philip R. Sellinger stated that Pina used his celebrity status and social media to target people.
"Promising returns that were too good to be true, Pina allegedly defrauded dozens of people of millions of dollars. Our office is committed to protecting the public from these schemes and prosecuting those who lie to investors for their own personal gain."
Cesar Pina has been accused of swindling money from many investors
NBC New York states that Cesar Pina was arrested by federal agents for operating a fraudulent real estate venture, swindling money worth millions from investors. DJ Envy has also been reportedly accused of being involved in the scheme, and the duo organized seminars to pitch opportunities to flip properties in different states.
According to the United States Attorney's Office, Cesar was able to accumulate a lot of followers on social media with the seminars, along with other promotional activities.
The victim investors reportedly started to invest in various properties, and they were planning to purchase or renovate those projects. Pina promised returns of around 20% to 45%, but he started operating multiple schemes of similar formats to pay the victims. He allegedly used the investors' money for his benefit.
Billboard revealed that one of the victims of their schemes was music manager Anthony Martini. DJ Envy's name has come up in the scheme as well, and although he has not been charged yet, he has reportedly denied the accusations. DJ Envy's attorney Massimo F. D'Angelo claimed that Envy was innocent and said:
"Envy had no involvement whatsoever. The onlt reason he's being dragged into this is because he's a public figure."
According to NBC New York, Envy addressed the scheme in a statement, saying that he wanted to "uplift" his community through the seminars. He said that the seminars were an attempt to bring industry professionals to one place.
"I wanted to teach my community about real estate, things that I didn't know when I was first buying my first home. I wanted to teach our community about investing and in generational wealth."
Cesar Pina has been involved with the real estate world since 2006
Cesar Pina's official website states that he began his real estate journey in 2006. In 2018, he joined DJ Envy and organized seminars for all those who wanted to know more about the real estate business.
He has also worked with Fetty Wap and NittaDaGritt in the past. Pina's appearances on The Breakfast Club have made him popular among the public, and he has been featured on the Drink Champs podcast.
