TSR Investigates
Several investors are now speaking about their experience investing and flipping real estate with Cesar Pina.
As The Shade Room 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 “dozens of people” out of millions.
Furthermore, investors also allege they wouldn’t have taken a chance on Pina’s real estate dealings had they not been promoted by DJ Envy of Power 105.1’s ‘The Breakfast Club.’
Now, The Shade Room’s Justin Carter is flipping through receipts for TSR Investigates.
Carter spoke exclusively with Augie Rios, a custom car shop owner, who says he “never thought” he’d be “doing investments in real estate.” However, an appearance from Cesar Pina on “The Breakfast Club,” combined with co-signing words from one of his auto clients, DJ Envy, allegedly made Rios feel comfortable to take part.
“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,” Rios explained.
Then, in October 2022, Rios invested $100,000 cash with Pina on a “flip project.”
According to Carter, Pina promised investors they’d receive a 20-45% return on their initial investment within five months.
Rios says that he expected to receive his return from Pina in May. However, that’s when reports of the real estate investor’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.
Pina allegedly instructed him to cash the $36,000 check — which cleared — but to hold off on cashing the $100,000.
Then, a week later, Pina told Rios to cash the $100,000 check, which bounced.
According to a federal criminal complaint filed last month, Pina began flipping real estate in 2017 by utilizing money from investors. He allegedly disclosed “the purpose of investment, promised interest payment, and the timeframe for repayment” to those who lent their money.
However, instead of utilizing investors’ money as disclosed, Pina allegedly engaged in a “Ponzi-like scheme.” He allegedly “commingled,” or mixed, money from initial investors with money from new investors “to pay off prior investors and cover personal expenditures.”
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.
Rios adds that he ultimately lost contact with Pina. However, according to Carter’s investigation, Rios’ alleged dealings with Pina is only the tip of the iceberg.
Watch as Carter speaks with those who allegedly invested over $800,000 in Pina’s “flipped” properties and those who invested in a separate joint real estate project allegedly conducted between Pina and DJ Envy.
Carter also receives an exclusive statement from DJ Envy’s attorney, Massimo F. D’Angelo.
