New Jersey actual property influencer Cesar Pina, higher often called “Flipping NJ,” seems destined to commerce his way of life for a jail jumpsuit.
Pina pleaded responsible to quite a lot of costs, together with defrauding buyers of cash in a Ponzi-like scheme, the U.S. Lawyer’s Workplace within the District of New Jersey announced. Pina pleaded responsible to at least one depend of wire fraud, one depend of cash laundering conspiracy, one depend of bribery of an agent of a program receiving federal funds and one depend of Journey Act bribery
“It’s laborious to think about a extra assorted spate of prison exercise, which robbed buyers of their life financial savings, helped facilitate drug trafficking, and undermined confidence in our elected officers,” U.S. Lawyer Robert Frazer mentioned in a press release.
Federal prosecutors said Pina partnered with a star disc jockey to conduct actual property seminars nationwide, constructing his social media presence to draw buyers. The DJ was not named within the indictment, however stories have pointed to Energy 105.1’s DJ Envy as Cesar’s enterprise accomplice.
Starting in 2017, Pina started soliciting funds from particular person buyers for buying, reworking and promoting residential properties in New Jersey and different states. Pina promised returns of 30 p.c or greater inside 4 to 5 months, in keeping with his indictment.
As an alternative of utilizing investor funds as promised, prosecutors mentioned he commingled and misappropriated the cash, utilizing investor funds to pay earlier buyers in a Ponzi-like scheme. He additionally spent investor cash on unauthorized enterprise and private bills.
The scheme defrauded dozens of buyers out of hundreds of thousands of {dollars}.
Moreover, Pina conspired to launder illicit funds, together with from the sale of managed substances, for people he knew have been engaged in narcotics trafficking.
Pina was additionally charged with bribing a Paterson official in reference to actual property initiatives. Prosecutors mentioned he offered money and different bribes to safe official help with a mission that had pending functions earlier than the Paterson Zoning Board of Adjustment.
Pina is ready to be sentenced in March. The Franklin Lakes resident faces as much as 20 years in jail on every fraud and cash laundering depend.
His spouse, Jennifer Pina, was separately indicted for allegedly destroying her cellphone as FBI brokers arrived to execute a search warrant. Prosecutors mentioned she tried to impede the investigation by asking a pal to confront a witness and request they cease cooperating with federal investigators.
There’s been no public replace in her case since final July.
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