Federal agents in New Jersey have arrested a business associate of DJ Envy for alleged real estate fraud.
Cesar Pina, who appeared on Envy’s “The Breakfast Club,” was recently arrested on wire fraud charges. He is alleged to have defrauded dozens of victims in a Ponzi-like scheme. Envy, whose real name is Rashaun Casey, has not been charged, but many alleged victims claim they were influenced by his celebrity.
A source familiar with the investigation told NBC 4 that federal agents visited iHeartRadio offices and seized electronic equipment as part of the ongoing investigation. DJ Envy’s lawyer, Massimo D’Angelo, denied the claims.
Envy teamed up with Pina to teach about generational wealth and home ownership to uplift the community on The Breakfast Club.
“I did these seminars and I brought industry professionals to all of these seminars,” Envy said on his morning show. “Now, Cesar, if he was taking money, I wasn’t privy to it, I didn’t even know about it. But I understand how people feel if they gave him money”.
Envy claimed that he empathised with Pina’s victims because he had allegedly given him money but received nothing in return. He denied stealing from anyone.
After the show ended, Pina was arrested by federal agents on one count of wire fraud, to which the co-host pleaded not guilty. He was released on $1 million bail, but is now under electronic monitoring. As a constructive measure, he has been barred from leaving the state of New Jersey, where he could face additional money laundering charges.
In the complaint, local U.S. Attorney Philip R. Sellinger said that Pina used his celebrity status and social media presence to gain a devoted following of potential victims, whom he then exploited.
“Pina and his business partner, a well-known disc jockey and radio personality (“Individual-1″), operated a company that conducted real estate seminars across the country. Together, they used Individual-1’s celebrity to promote various real estate ventures controlled by Pina”.
According to News, Envy’s wife, Gia Casey, has reportedly removed some of her social media posts showing the many luxury designer items Envy buys her in a year. Envy is known to buy his wife presents for each of the 12 days leading up to Christmas, earning him a reputation for lavish gift-giving.
What was the scheme?
Starting in 2017, Pina began taking investments to renovate and resell properties in New Jersey and elsewhere, promising a return on investment (ROI) of 20-45% within five months.
Pina is reportedly accused of diverting some investments for his personal benefit and using new investments to repay earlier investors. Shortly before Pina’s arrest, NBC 4 New York broke a story about several investors who had not received promised payments from the project.
Pina allegedly defrauded investors by soliciting investments in properties he didn’t own and by offering the same properties to multiple investors. He is also accused of attempting to repay one investor in jewellery. Pina and his wife, full name Jennifer, now face more than 20 lawsuits.
What will happen next?
As previously reported, Pina was released on $1 million bail following his arrest and is currently confined to New Jersey. If found guilty of wire fraud, he could face up to 20 years in prison and substantial fines.
