October 20th 2023.
DJ Envy's business partner, Cesar Pina, has been charged with fraud in connection with a New Jersey real estate scam. According to the District of New Jersey's U.S. Attorney's Office, Pina was arrested on October 18th on wire fraud charges after investors claimed they were tricked out of millions of dollars.
The Department of Justice launched an investigation into Pina's investment schemes, which they called "Ponzi-like" and stated that he allegedly defrauded dozens of victims. It was found that Pina had gained a "significant" social media following due to his partnership with DJ Envy, whose real name is Rashaun Casey. The two often appeared together at seminars where they would pitch opportunities to flip properties in distressed areas of New Jersey.
U.S. Attorney Philip R. Sellinger stated that Pina had used his social media following to identify his next victims. "As alleged in the complaint, Pina exploited celebrity status and social media to develop a devoted following of potential victims," Sellinger said. "Promising returns that were too good to be true, Pina allegedly defrauded dozens of people of millions of dollars."
Several investors have filed lawsuits against Pina, claiming he promised them a 20 to 45 percent return on profits from rehabilitated and flipped properties months later. Some of the lawsuits stated that Pina had investors buying into one property that generated millions of dollars in profit for him. James E. Dennehy, FBI Newark special agent in charge, commented on this, saying "We allege Pina offered a ridiculously high rate of return to investors, then took the millions he got and invested it in himself. History has proven time and again, Ponzi-schemes don't work. The pot of gold at the end of the rainbow eventually runs out. Investors take note–it’s your money, don’t let them steal it."
The wire fraud charge Pina faces carries a maximum sentence of 20 years in prison and a $250,000 fine. After his arrest, he was released on a $1 million secured bond with electronic monitoring, and is not allowed to leave the state. In response to the allegations against him, DJ Envy addressed them on his radio show on October 11th. He shared that he had wanted to teach the community about investing and generational wealth, and that he had brought industry professionals to seminars. Envy also stated that he had not been aware of any wrongdoings Pina may have committed with the money.
Despite reports that federal agents had visited the iHeartRadio offices to confiscate electronic equipment in relation to the investigation, DJ Envy's attorney, Massimo F. D'Angelo, released a statement denying this claim. He stated that the charges were only against Pina personally and not against his client.
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