Cesar Pina, 45, has been arrested by the United States Attorney’s Office for his alleged involvement in a multimillion dollar real estate fraud scheme. Pina was charged with one count of wire fraud and pleaded not guilty. He was released on a $1 million bond and placed under electronic monitoring.
Investors claimed that Pina promised to rehabilitate and sell a property, offering them a 30% return on profits within a few months. However, they never received any money. It is alleged that Pina deceived investors into unknowingly purchasing a property, which generated him several million dollars in profit.
Tammy Tomlins, Special Agent in Charge of IRS – Criminal Investigation Newark Field Office, stated that Pina ran a fraudulent scheme by misrepresenting the nature of his business and lying about potential investment returns. The arrest highlights the commitment of IRS Criminal Investigation and law enforcement partners to investigate and prosecute unlawful behavior.
DJ Envy, a radio personality and business associate of Pina, is also being investigated for his involvement in promoting the real estate venture. Federal officers visited the iHeartRadio office where Envy is employed and seized electronic equipment as part of the ongoing investigation. Envy has not been charged in connection to the fraud and maintains his innocence.
Envy explained during a recent episode why he collaborated with Pina to conduct real estate seminars, stating that he aimed to uplift his community and educate them about real estate and investing for generational wealth.