Information reaching Kossyderrickent has it that REAL ESTATE RICO, Cesar Pina, released on $1M bond after being arrested by Feds for Ponzi-like scheme scam in New Jersey.
The victim investors reportedly started to invest in various properties, and they were planning to purchase or renovate those projects. Pina promised returns of around 20% to 45%, but he started operating multiple schemes of similar formats to pay the victims. He allegedly used the investors’ money for his benefit.
“As alleged in the complaint, Pina exploited celebrity status and social media to develop a devoted following of potential victims,” Sellinger said in a release. “Promising returns that were too good to be true, Pina allegedly defrauded dozens of people of millions of dollars. Our office is committed to protecting the public from these schemes and prosecuting those who lie to investors for their own personal gain.”
Pina, who gained fame doing real estate seminars around the country, would entice victims by promising up to 20% to 45% returns within five months, the U.S. attorney said. However, Pina did not invest the victims’ money, as promised, but used the money from new victims to pay others, operating a Ponzi-like scheme, officials say.
United States Attorney’s Office revealed that Cesar Pina has been released on a bond of $1 million after being presented in front of the U.S. Magistrate Judge Edward S. Kiel. Further, U.S. Attorney Philip R. Sellinger stated that Pina used his celebrity status and social media to target people.
“Promising returns that were too good to be true, Pina allegedly defrauded dozens of people of millions of dollars. Our office is committed to protecting the public from these schemes and prosecuting those who lie to investors for their own personal gain.”
NBC New York states that Cesar Pina was arrested by federal agents for operating a fraudulent real estate venture, swindling money worth millions from investors. DJ Envy has also been reportedly accused of being involved in the scheme, and the duo organized seminars to pitch opportunities to flip properties in different states.
According to the United States Attorney’s Office, Cesar was able to accumulate a lot of followers on social media with the seminars, along with other promotional activities.
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