The indicted business partner of radio host DJ Envy made his first public comments since being accused by federal agents, accused of running a multimillion-dollar Ponzi-type scheme.
Cesar Pina had been released on $1 million dollar bond with electronic monitoring after pleading not guilty to federal charges of bilking investors out of millions of dollars in the real estate venture. On Wednesday, he went on a several-minute YouTube ramble and talked about DJ Envy — a move that has just sparked more controversy.
"They call me Cesar Madoff, it’s crazy," Pina said.
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The lengthy social media post often criticized the investors who have claimed he defrauded them. Pina — who promoted seminars and his real estate prowess on the Breakfast Club, hosted by business partner, DJ Envy — is accused in an alleged widespread real estate scheme that focused on flipping distressed New Jersey properties, many of which were in Paterson.
After the I-Team interviewed several investors, Envy went on the air to deny any involvement.
Envy’s attorney previously told NBC New York his client was a victim, too, investing $500,000 in a Paterson project with Pina.
"He is just like any other victim of the alleged scam," said attorney Massimo D'Angelo.
But Pina vehemently denied Envy was any sort of victim, saying the two were "partners" in just a few real estate ventures.
"His defense, that DJ Envy is a victim, that’s the dumbest s--t I ever heard in my life. Me and him were partners in real estate seminars, we were partners in a couple of real estate transactions. That’s it, he’s not a victim," Envy said in the online video.
D'Angelo said that the comments support's Envy's claim of innocence, saying "In his mea culpa video clip, Cesar Pina admits to taking money from investors without providing any returns and persistently apologizes to those investors, including DJ Envy...Cesar Pina certainly falls on his own sword."
Pina also tried to own up to some of his shortfalls, but did not admit any sort of guilt.
"Even though now I’m going through some s--t I got to deal with, I am a f-----g man first. I am responsible...and if I hurt in any way that made their lives difficult, I apologize," he said.
Cesar’s response infuriated many investors — including Andre Ransome, who bought in for $200,000. He is suing Pina, just one of several lawsuits that have been filed against both Cesar and Envy.
"Give people back their money and stop playing with people’s lives," said Ransome, adding that he — like so many — invested because of DJ Envy’s seeming approval of Cesar.
"There’s so many layers why Envy was covering up and covert with the operation, it’s obvious," he told News 4.
Jose Rodriquez, who invested in real estate platform Flip 2 Dao with Cesar and Envy, said he flagged Envy last summer through texts that there were financial issues.
"As of August of 2022, he knew there was something up with Cesar not paying his investors," said Rodriguez. "So for him to say he didn’t know Cesar was up to something, it’s a lie."
Envy has not been charged and is seeking to have all the lawsuits against him dismissed. NBC New York obtained a recent letter from Pina's attorney proposing partial monetary settlements with some investors.
