Federal agents raided the New York offices of iHeartRadio after the longtime business partner of “Breakfast Club” co-host DJ Envy was charged with real estate fraud on Wednesday.
According to reports, federal agents in New Jersey arrested Cesar Pina and charged him with real estate fraud.
Pina pleaded not guilty, and was released on a $1 million bond. He is also required to wear an ankle monitor.
NBC New York reports the iHeartRadio offices were raided “by federal officials who removed electronic equipment as part of the ongoing investigation.”
iHeartRadio, which is headquartered in New York City, has also offices in Atlanta and San Antonio.
According to Tony “The Closer” Robinson, Pina, a.k.a. “Flipping NJ,” is accused of running a real estate Ponzi scheme. He is charged with scamming investors out of millions of dollars.
Breaking news ???Cesar Pina has indeed been picked up by the feds. He will be arraigned this afternoon stay tuned…. #RealEstateRico #NoRefundsNoPeace pic.twitter.com/SXCUPXtjch
— Tony “The Closer” Robinson (@tonythecloser_) October 18, 2023
DJ Envy, real name RaaShaun Casey, is a co-defendant in multiple lawsuits filed by investors who say they were ripped off by Pina in an elaborate Ponzi scheme.
Envy and Pina held seminars to lure hundreds of investors to flip distressed properties for profit. But investors say Pina took their money and ran. DJ Envy also promoted the seminars on iHeartRadio’s popular Breakfast Club morning show.
Many victims said they invested with Pina because DJ Envy was his business partner and they trusted Envy.
DJ Envy did not comment on Pina’s arrest on Wednesday, but he denied involvement in the Ponzi scheme on the radio last week.
“Now the reasons why I did these seminars is because I wanted to uplift my community,” he reportedly said. “I wanted to teach my community about real estate, things that I didn’t know when I was first buying my first home. I wanted to teach our community about investing and in generational wealth.”
iHeartRadio is considering suspending DJ Envy while the federal investigation into his business dealings is ongoing.
“He’s brought a lot of unwanted attention to the company,” said a confidential source.
Jose Santiago and his wife, Jessica Ortiz told News 4 they invested $200,000 in a Paterson, NJ property that Pina claimed he owned.
“He’s advertising this all over radio and television, so I thought this was legit,” Santiago said.
Nigel Chamblin said he invested nearly $1 million in several properties that Pina claimed he owned. But Pina didn’t own any of the properties.
“There were other people investing in these exact same properties,” Chamblin told News 4. “It was a scam, it was a lie.”
