Key Takeaways:
– No one can predict the future of real estate, but it is important to prepare.
– Virtual Inman Connect on Nov. 1-2, 2023 and Inman Connect New York on Jan. 23-25, 2024 are events where tools and information for the future of real estate can be found.
– DJ Envy, host of “The Breakfast Club,” has been accused of promoting a friend’s real estate scam on air.
– Envy frequently used his airtime to promote Cesar Pina’s allegedly fraudulent home-flipping venture.
– Envy and Pina have spoken together at real estate seminars, attracting investors to the venture.
– One couple, Jose Santiago and Jessica Ortiz, invested $200,000 in the venture after seeing Envy and Pina speak about it on social media.
– Pina is facing multiple lawsuits from investors who claim they were deceived and would not have invested if it weren’t for Envy.
– Envy claims to be a victim himself and denies any involvement in the scam.
– The investigation and legal proceedings are ongoing.
inman:
No one can predict the future of real estate, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at Virtual Inman Connect on Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital and more will be center stage. Bet big on the future and join us at Connect.
A nationally syndicated radio host whose voice can be heard in 100 markets nationwide is facing accusations of promoting a friend’s real estate scam on air.
DJ Envy, host of the iHeartRadio show “The Breakfast Club,” frequently used his airtime to promote pal Cesar Pina’s allegedly fraudulent home-flipping venture, according to a new report by NBC New York and multiple lawsuits, often in economically distressed areas of New Jersey such as Newark and Paterson. Envy often spoke of his own involvement in the venture on air, according to NBC.
“We’ve helped so many people, not just regular people, but celebrities, athletes, executives,” the DJ, RaaShaun Casey, has said on the morning radio show.
Envy and Pina have frequently spoken together at real estate seminars on opportunities for flipping homes in New Jersey, attracting investors to the venture, according to the NBC report.
One such pair of investors was Jose Santiago and his wife Jessica Ortiz, who told NBC they hoped investing in real estate would be their ticket to the American dream.
Santiago told the news outlet he connected with Pina after seeing him speak about the venture with DJ Envy on social media and put $200,000 — which he received in equity from his Florida home — towards the venture.
“He’s advertising this all over radio and television, so I thought this was legit,” Santiago told NBC. “We invested $200,000 and it looks like we won’t ever get it back.”
Santiago tells investors their money will be used to fix up run-down properties and that they in turn will get 30 percent of the profits when the homes sell. However, Pina supposedly doesn’t even own some of the properties he is claiming to rehab, including the one Santiago and Ortiz put $200,000 towards. The couple was told the profits would come to them in four months but never received anything.
“I am paying the interest right now every month, and I have nothing,” Santiago said.
Pina is now facing dozens of lawsuits from investors — which also name Envy — who say they were duped by Pina, and never would have met him if it hadn’t been for Envy.
“I wouldn’t have invested in Pina if it wasn’t for Envy,” auto shop owner Augie Rios told NBC.
Envy has insisted he is himself a victim of Pina.
“[Envy] is a victim, just like the other alleged victims are in connection with the scam,” Massimo D’Angelo, Envy’s attorney, told NBC.
Speaking on his radio show this week against the advice of his attorneys, Envy echoed that line, and insisted he never saw a dime from Pina’s scheme.
“I gave him a lot of money, that I didn’t see a dollar of returned,” Envy said. “But for any to say I was involved — that’s totally not true, I would never.”
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Property Chomp's Take:
DJ Envy, the nationally syndicated radio host of "The Breakfast Club," is facing accusations of promoting a friend's real estate scam on air. According to a report by NBC New York and multiple lawsuits, Envy frequently used his airtime to promote Cesar Pina's allegedly fraudulent home-flipping venture, often in economically distressed areas of New Jersey.
Envy and Pina have spoken together at real estate seminars, attracting investors to the venture. One couple, Jose Santiago and his wife Jessica Ortiz, invested $200,000 from the equity of their Florida home into the venture after seeing Pina speak with DJ Envy on social media. They believed this would be their ticket to the American dream. However, they never received any profits as promised, and it was later revealed that Pina didn't even own some of the properties he claimed to be rehabilitating.
As a result, Pina is facing dozens of lawsuits from investors, many of whom claim they would not have invested in him if it hadn't been for Envy's endorsement. Envy, on the other hand, insists that he is also a victim of Pina's scam and never saw any returns from his investment.
This situation highlights the importance of due diligence and caution when investing in real estate ventures. It is crucial for investors to thoroughly research and verify the legitimacy of any opportunities before committing their funds. Additionally, it serves as a reminder that even trusted figures can unknowingly promote fraudulent schemes, emphasizing the need for vigilance and skepticism in the real estate industry.
As for DJ Envy, he is currently facing the consequences of his association with Pina's fraudulent venture. While he maintains his innocence, it is a stark reminder that reputations can be tarnished by association, and individuals must be mindful of the business relationships they form.
The real estate industry, like any other, has its fair share of scams and fraudulent activities. It is essential for investors and consumers to stay informed, ask questions, and seek professional advice to protect themselves from falling victim to such schemes. Investing in reputable and trustworthy ventures is key to building wealth and achieving success in the real estate market.
As the legal proceedings continue, it remains to be seen how this situation will unfold. However, it serves as a cautionary tale for both investors and industry professionals about the importance of ethical behavior and due diligence in real estate transactions.
