Feds Arrest DJ Envy’s Business Partner Cesar Pina For Wire Fraud. Feds Then Raid iHeartMedia Offices.
Federal agents raided the corporate offices of iHeartMedia offices yesterday after they arrested Cesar Pina. Pina was business partners of iHeartMedia’s syndicated morning show, The Breakfast Club co-host DJ Envy. The FBI has arrested Pina on Wednesday and charged him with federal wire fraud. Prosecutors allege the two ran a Ponzi-like real estate scheme.
Prosecutors said Pina bilked investors in his New Jersey home flipping scheme out of millions of dollars.
Pina appeared often on the popular Breakfast Club morning radio show. The show is hosted by DJ Envy and Charlemagne Tha God. On the show, Pina and Envy would promote their investment schemes.
The feds have not arrested DJ Envy aka RaaShaun Casey. Although a criminal complaint identifies him as Pina’s business partner. The complaint also alleges Casey’s fame was key to the alleged scheme.
Authorities allege 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.
The complaint continues to allege:
“Together, they used Individual-l’s celebrity to promote various real estate enterprises that Pina controlled. During real estate seminars, private one-on-one sessions, advertisements, public appearances, and otherwise, Pina represented that he was a highly successful real estate investor, owned thousands of properties in multiple states, and had business relationships with numerous celebrities.”
Pina and DJ Envy regularly teamed up for seminars on home flipping opportunities in New Jersey.
Federal agents raided the offices of iHeartMedia as part of the probe. They seized electronic devices and other documents from iHeartMedia’s office.
The Home Flipping Scheme
Prosecutors allege Pina has solicited investments from small investors to flip homes in New Jersey and elsewhere since 2017. He also allegedly promised returns of 20% to 50% in five months.
The complaint also alleges that Pina siphoned some of the funds for personal use. It also states that he used other victim funds to pay off earlier investors in a ‘Ponzi-like’ scheme.
IRS Special Agent Tammy Tomlins told the media:
Pina pleaded not guilty. As a result, the court released him on a $1 million secured bond with electronic monitoring.
Read More About DJ Envy and Cesar Pina:
Radio Rapper DJ Envy Promoted Alleged NJ Real Estate Scam
You Can Also Read More About Real Estate Scams On MFI-Miami
Write A Comment