DJ Envy’s Real Estate Investment Under Investigation for Alleged Ponzi Scheme

todaySeptember 19, 2023 9029 90 5

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Radio personality , known for his role on , and his partner Cesar Pina are facing serious allegations of defrauding investors in what appears to be a real estate Ponzi scheme. Dozens of investors claim to have lost six-figure sums in what they initially believed to be a legitimate real estate opportunity.

The story begins with Stanley Acosta, one of the investors who thought he was seizing a chance to provide his family with a better life. Stanley invested a substantial $150,000 in cash into a real estate development deal, which was supposed to involve flipping a property in Paterson, New Jersey. However, Stanley soon grew suspicious as he realized that the cash he handed over wasn't even counted.

“One of the biggest flags for me was he didn't count the cash. I'm giving you $150,000 in cash; you're going to want to make sure that every dollar is there,” Stanley Acosta recalled.

The deal promised investors an enticing 30% return, with Stanley expecting to receive $45,000 in interest within just five months. However, nearly a year later, he has not seen a dime, and attempts to contact Cesar Pina have gone unanswered.

From a financial standpoint, this has taken a heavy toll on Stanley. He's had to resort to taking out loans to cover credit card debts that have accumulated due to this ordeal. Unfortunately, Stanley's situation is not unique.

Investigations have uncovered over a dozen lawsuits filed by people who claim to have invested with Cesar Pina, only to be left empty-handed. Some investors even allege that Pina sold investments in properties he never owned or sold, according to real estate records. These lawsuits have already reached a staggering total of close to $10 million, with more being filed regularly over the past year and a half.

One noteworthy detail is the involvement of DJ Envy, whose real name is Sean Casey, in this controversy. DJ Envy often appeared alongside Cesar Pina at real estate seminars. However, DJ Envy's attorney has insisted that he too is a victim in this situation, having invested $500,000 that he has yet to receive back.

While Pina's attorney declined to be interviewed, a letter to the court from the attorney complained about the tactics used by some investors, citing threats of harm. The letter stated, “My clients need time to first protect their family from threats of death, rape, and physical harm.”

The situation has left investors like Stanley Acosta hoping for justice and the recovery of their hard-earned money. “If I had an opportunity to say something to Cesar and his family, it would be to just do right by the victims,” Stanley expressed.

To avoid falling into similar traps, financial experts and the SEC recommend that before investing money in any business deal, individuals should have an attorney review the contract. Additionally, they should be cautious of anyone who guarantees high profits, especially if they claim there is little to no risk involved.

This ongoing investigation into the allegations against DJ Envy and Cesar Pina serves as a stark reminder that financial diligence is crucial when entering any investment opportunity, and trust should always be approached with caution in the complex world of real estate deals. As the legal battles continue to unfold, investors remain hopeful for a resolution that will bring them justice and closure.

Written by: Silvia Tine

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