A number of buyers are actually talking about their expertise investing and flipping actual property with Cesar Pina.
As The Shade Room beforehand reported, Pina was arrested in October and pled not responsible to wire fraud. Traders have accused him of promising them returns on their multi-thousand-dollar investments. As an alternative, authorities say Pina racked up a scheme defrauding “dozens of individuals” out of thousands and thousands.
Moreover, buyers additionally allege they wouldn’t have taken an opportunity on Pina’s actual property dealings had they not been promoted by DJ Envy of Energy 105.1’s ‘The Breakfast Membership.’
Now, The Shade Room’s Justin Carter is flipping via receipts for TSR Investigates.
RELATED: UPDATE: Cesar Pina Says DJ Envy Was ‘By no means In The Room’ With Him Throughout Alleged Actual Property Schemes
Who Are Some Of Cesar Pina’s Alleged Victims?
Carter spoke solely with Augie Rios, a customized automobile store proprietor, who says he “by no means thought” he’d be “doing investments in actual property.” Nonetheless, an look from Cesar Pina on “The Breakfast Membership,” mixed with co-signing phrases from considered one of his auto purchasers, DJ Envy, allegedly made Rios really feel comfy to participate.
“I had a pair additional bucks. I wished to see if I may spend money on one thing, and I assumed it could be the best alternative,” Rios defined.
Then, in October 2022, Rios invested $100,000 money with Pina on a “flip venture.”
In keeping with Carter, Pina promised buyers they’d obtain a 20-45% return on their preliminary funding inside 5 months.
Rios says that he anticipated to obtain his return from Pina in Could. Nonetheless, that’s when stories of the actual property investor’s alleged scheme started to floor. Someday later, Rios says Pina arrived at his store and wrote him a test for $100,000 and one other for $36,000.
Pina allegedly instructed him to money the $36,000 test — which cleared — however to carry off on cashing the $100,000.
Then, per week later, Pina instructed Rios to money the $100,000 test, which bounced.
What Did Pina Allegedly Do With Traders’ Cash?
In keeping with a federal felony grievance filed final month, Pina started flipping actual property in 2017 by using cash from buyers. He allegedly disclosed “the aim of funding, promised curiosity cost, and the timeframe for compensation” to those that lent their cash.
Nonetheless, as an alternative of using buyers’ cash as disclosed, Pina allegedly engaged in a “Ponzi-like scheme.” He allegedly “commingled,” or blended, cash from preliminary buyers with cash from new buyers “to repay prior buyers and canopy private expenditures.”
Rios says he realized one thing was improper when Pina allegedly arrived at his store with a guide bag full of jewellery. Pina allegedly instructed Rios to take a couple of items of jewellery till he may pay Rios his owed cash.
Rios provides that he in the end misplaced contact with Pina. Nonetheless, in accordance with Carter’s investigation, Rios’ alleged dealings with Pina is simply the tip of the iceberg.
Watch as Carter speaks with those that allegedly invested over $800,000 in Pina’s “flipped” properties and those that invested in a separate joint actual property venture allegedly carried out between Pina and DJ Envy.
Carter additionally receives an unique assertion from DJ Envy’s legal professional, Massimo F. D’Angelo.
