DJ Envy's association with alleged real estate fraudster Cesar Pina has recently attracted attention and raised concerns. However, Pina himself has addressed the matter and asserted that DJ Envy is not involved in the fraudulent activities that have led to multiple lawsuits.
During an Instagram Live video shared this week and subsequently reposted on YouTube by Tony the Closer, Pina clarified that DJ Envy was never present in any of the situations that gave rise to the 20 ongoing lawsuits.
Watch Video: Tony the Closer, Pina clarified that DJ Envy
To Clarify Any Misunderstandings
Pina emphasized that DJ Envy has no connection whatsoever to any of the individuals who are currently suing him. It is important to note that Pina's statement, made through social media, aims to dispel any misconceptions and clarify DJ Envy's lack of involvement in legal disputes.
Pina, a real estate investor from New Jersey, who was a regular guest on DJ Envy's iHeartRadio show, The Breakfast Club, was apprehended on October 18th for engaging in a fraudulent investment scheme resembling a Ponzi scheme, involving millions of dollars.
Surveillance Of Electronic Monitoring
U.S. Attorney Philip R. Sellinger declared in a press release that Pina has been indicted with a single charge of wire fraud. Following his appearance in Newark federal court, Pina was granted release on a $1 million bond, subject to electronic monitoring.
Court documents indicate that Pina collaborated with a renowned disc jockey and radio personality to organize real estate seminars nationwide. These seminars, along with self-promotion and various marketing tactics, contributed to Pina's substantial social media following.
The Revitalization Was Necessitated
Massimo D'Angelo, the attorney representing DJ Envy, has emphasized that the radio host played no role in the alleged scheme. It should be emphasized that DJ Envy is not implicated, despite not being explicitly mentioned in the charges. Furthermore, D'Angelo has taken legal action to dismiss two lawsuits that erroneously named Envy.
Envy, as stated by D'Angelo, was approached by Pina with an investment proposition in late 2019. This proposition entailed the revitalization of an unoccupied school property located in Paterson, N.J., to establish an apartment building.
The Investment Scheme In Question
Pina was assigned the task of supervising the complete construction process of one and two-bedroom apartments, which were planned to be leased out at market rates, as per D'Angelo's statement.
In light of Envy's investment of $500,000, Pina pledged to reimburse the investment within a year and furnish a monthly dividend of approximately $17,000, as per D'Angelo's claim. The filing indicates that the alleged investment scheme, in which Pina purportedly accepted investments to buy, renovate, and sell real estate properties, began in 2017.
The Text Has Been Rewritten
The complaint alleges that Pina enticed his victims by offering them returns on investment ranging from 20 to 45 percent within five months. However, contrary to his promises, Pina resorted to a fraudulent scheme resembling a Ponzi scheme.
This involved mixing the funds of his victims, utilizing new investments from subsequent victims to repay earlier ones, and misappropriating victim funds for personal expenses. The investigation has uncovered that Pina deceived numerous investors, resulting in the loss of millions of dollars.
On October 11th, DJ Envy addressed accusations regarding his participation in a video shared on his and The Breakfast Club's Instagram profiles. During a conversation with co-host Charlamagne tha God, he expressed, "Allow me to elucidate certain matters.
Although my legal advisors advise against speaking, I believe it is necessary to provide some clarification." Cesar and I conducted seminars to uplift our community and educate them about real estate, a subject I was unfamiliar with when I purchased my first home. We aimed to impart knowledge about investing and generational wealth to our community.