TSR Investigates
<p>Several investors are now speaking about their experience investing and flipping real estate with <strong>Cesar Pina</strong>.</p>
<p>As <a href="https://dev.theshaderoom.com/cesar-pina-speaks-out-alleged-real-estate-scheme-dj-envy-watch/" target="_blank" rel="noopener">The Shade Room</a> previously reported, Pina was arrested in October and pled not guilty to wire fraud. Investors have accused him of promising them returns on their multi-thousand-dollar investments. Instead, authorities say Pina racked up a scheme defrauding &#8220;dozens of people&#8221; out of millions.</p>
<p>Furthermore, investors also allege they wouldn&#8217;t have taken a chance on Pina&#8217;s real estate dealings had they not been promoted by <strong>DJ Envy</strong> of Power 105.1&#8217;s &#8216;The Breakfast Club.&#8217;</p>
<p>Now, <em>The Shade Room’s</em> <strong>Justin Carter</strong> is flipping through receipts for <em><strong>TSR Investigates</strong></em>.</p>
<h5 style="text-align: center;">RELATED: <a href="https://dev.theshaderoom.com/cesar-pina-speaks-out-alleged-real-estate-scheme-dj-envy-watch/" target="_blank" rel="noopener">UPDATE: Cesar Pina Says DJ Envy Was &#8216;Never In The Room&#8217; With Him During Alleged Real Estate Schemes</a></h5>
<h3 style="text-align: center;">Who Are Some Of Cesar Pina&#8217;s Alleged Victims?</h3>
<p>Carter spoke exclusively with <strong>Augie Rios</strong>, a custom car shop owner, who says he &#8220;never thought&#8221; he&#8217;d be &#8220;doing investments in real estate.&#8221; However, an appearance from Cesar Pina on &#8220;The Breakfast Club,&#8221; combined with co-signing words from one of his auto clients, DJ Envy, allegedly made Rios feel comfortable to take part.</p>
<blockquote><p>&#8220;I had a couple extra bucks. I wanted to see if I could invest in something, and I thought it would be the right opportunity,&#8221; Rios explained.</p></blockquote>
<p>Then, in October 2022, Rios invested $100,000 cash with Pina on a &#8220;flip project.&#8221;</p>
<p>According to Carter, Pina promised investors they&#8217;d receive a 20-45% return on their initial investment within five months.</p>
<p>Rios says that he expected to receive his return from Pina in May. However, that&#8217;s when reports of the real estate investor&#8217;s alleged scheme began to surface. Sometime later, Rios says Pina arrived at his shop and wrote him a check for $100,000 and another for $36,000.</p>
<p>Pina allegedly instructed him to cash the $36,000 check — which cleared — but to hold off on cashing the $100,000.</p>
<p>Then, a week later, Pina told Rios to cash the $100,000 check, which bounced.</p>
<h3 style="text-align: center;">What Did Pina Allegedly Do With Investors&#8217; Money?</h3>
<p>According to a federal criminal complaint filed last month, Pina began flipping real estate in 2017 by utilizing money from investors. He allegedly disclosed &#8220;the purpose of investment, promised interest payment, and the timeframe for repayment&#8221; to those who lent their money.</p>
<p>However, instead of utilizing investors&#8217; money as disclosed, Pina allegedly engaged in a &#8220;Ponzi-like scheme.&#8221; He allegedly &#8220;commingled,&#8221; or mixed, money from initial investors with money from new investors &#8220;to pay off prior investors and cover personal expenditures.&#8221;</p>
<p>Rios says he realized something was wrong when Pina allegedly arrived at his shop with a book bag full of jewelry. Pina allegedly told Rios to take a few pieces of jewelry until he could pay Rios his owed money.</p>
<p>Rios adds that he ultimately lost contact with Pina. However, according to Carter&#8217;s investigation, Rios&#8217; alleged dealings with Pina is only the tip of the iceberg.</p>
<p>Watch as Carter speaks with those who allegedly invested over $800,000 in Pina&#8217;s &#8220;flipped&#8221; properties and those who invested in a separate joint real estate project allegedly conducted between Pina and DJ Envy.</p>
<p>Carter also receives an exclusive statement from DJ Envy&#8217;s attorney, <a href="https://www.blankrome.com/people/massimo-f-dangelo" target="_blank" rel="noopener"><strong>Massimo F. D&#8217;Angelo</strong></a>.</p>
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<h5 style="text-align: center;">RELATED: <a href="https://dev.theshaderoom.com/cesar-pina-wire-fraud-real-estate-dj-envy/" target="_blank" rel="noopener">Cesar Pina Arrested For Wire Fraud In Alleged Real Estate Scam Previously Promoted By DJ Envy</a></h5>
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