Cesar Pina now faces new conditions as part of his pretrial release in his federal fraud case on charges of allegedly defrauding investors out of millions of dollars in a real estate Ponzi scheme. Ahead of his sentencing for wire fraud charges and his efforts to secure a plea deal with federal prosecutors, the judge in his case imposed new rules earlier this week that now places him on a strict curfew. Moreover, the businessman can only leave his residence from 8AM to 4PM unless pretrial services grant him special permission, and electronic tracking and location monitoring will ensure this.
Furthermore, prosecutors allege that Cesar Pina defrauded his alleged victims out of money through first inviting them to investment opportunities such as real estate seminars with DJ Envy, the hip-hop radio personality. However, it's important to note that Envy doesn't face any charges in this case, and instead claims that he is as much of a victim of fraud as others. According to authorities, Pina claimed that investors would see big returns from 20 to 45 percent in five months, but instead used that money from new partners to pay off earlier investors' debts, and so on.
Who Is Cesar Pina?
For those unaware, Cesar Pina is a real estate investor, businessman, and alleged fraud scheme puppeteer who is also known as "Flipping NJ." He started off investing in New Jersey rental buildings, and his expansion into other cities also came with a lot of celebrity clients and high-profile connections. Law enforcement arrested him in October of 2023 after various alleged victims accused him of failing to pay them the returns that he promised.
As part of Cesar Pina's new pretrial release conditions – as he bonded out for $1 million – he cannot engage in real estate business, which includes buying, selling, transferring, financing, or encumbering any real estate property. However, he can collect rent, inspect property, and meet with tenants, vendors, and contractors. The sole exception to this is if Pina's wife independently pursues transactions that don't benefit him or necessitate his direction. He must also submit a financial disclosure statement by March 7, which could affect the plea deal he seeks with prosecutors.
