A New Jersey actual property investor and influencer has been charged with committing a multi-million-dollar Ponzi-like fraud scheme, conspiring to launder drug proceeds and bribing a New Jersey politician, amongst different prices, federal prosecutors introduced Thursday.
Cesar Humberto Pina, “Flipping NJ,” 47, of Franklin Lakes, was charged by prison indictment with two counts of wire fraud, one rely of cash laundering conspiracy, two counts of cash laundering, and one rely of bribery regarding packages receiving federal funds.
Pina’s preliminary look and arraignment on the indictment haven’t but been scheduled. The legal professional on file listed for him could not instantly be reached for remark.
He’s the previous enterprise legal professional of radio speak present host DJ Envy, whose actual identify is Rashaun Casey. An legal professional for Casey beforehand blasted allegations of fraud, accusing them of smearing the movie star’s good identify and popularity within the hope of shaming him into some type of monetary decision.
In keeping with paperwork filed on this case and statements made in courtroom: Pina partnered with Envy to conduct actual property seminars across the nation. By means of these seminars, self-promotional efforts, and different advertising methods, Pina developed a big social media following. Beginning in not less than 2017, Pina started accepting investments from particular person traders for the alleged buy, transform, and sale of particular actual property properties in New Jersey and different states.
To entice traders, Pina allegedly usually promised 30% or larger returns on investments inside 4 to five months. However as a substitute of utilizing traders’ funds as promised, Pina allegedly commingled and misappropriated traders’ cash, together with through the use of new investor funds to repay prior traders in a Ponzi-like scheme and spending investor funds on unauthorized enterprise and private expenditures.
So far, the investigation has revealed Pina allegedly defrauded dozens of traders of thousands and thousands of {dollars}. Pina additionally allegedly conspired to launder illicit funds, together with from the sale of managed substances, for numerous people he knew have been engaged in prison actions.
Prosecutors declare Pina additional laundered cash in entrance of an undercover officer appearing in a sting operation. As well as, Pina allegedly bribed a neighborhood official of Paterson, New Jersey in reference to actual estate-related tasks in Paterson. For instance, prosecutors allege Pina offered money and different bribes to the official in trade for official motion, help, and affect in reference to Pina’s “Old School 5” growth venture, which had pending functions earlier than the Paterson Zoning Board of Adjustment.
Pina faces as much as greater than 70 years if convicted of all the fees in opposition to him.
“Cesar Pina is alleged to have misappropriated thousands and thousands of {dollars} of individuals’s hard-earned cash, laundered cash for narcotics traffickers, and bribed a politician in furtherance of actual property tasks,” U.S. Attorney Alina Habba said in a statement. “This multi-year torrent of prison exercise harm traders round the USA, facilitated the scourge of narcotics trafficking, and undermined confidence in our public officers.”
