A 47-year-old New Jersey resident was indicted by a federal grand jury for running a multimillion-dollar Ponzi-like scheme, money laundering, and bribing a politician, authorities announced Thursday.
Cesar Humberto Pina, an influencer known as Flipping NJ, is charged with two counts of wire fraud, one count of money laundering conspiracy, two counts of money laundering, and one count of bribery concerning programs receiving federal funds, U.S. Attorney Alina Habba said.
Pina paired with DJ Envy, a popular DJ, to conduct real estate seminars, which led to him developing a significant following on social media, Habba said. Pina began accepting investments from individuals to purchase, remodel, and sell properties in New Jersey and elsewhere, Habba said.
To entice investors, Pina promised 30% or higher returns on investments within four to five months. But instead of using investors' funds as promised, Pina used new investor funds to pay off prior investors in a Ponzi-like scheme and spent investor funds on unauthorized business and personal expenditures, Habba said. Pina ended up defrauding investors out of millions, Habba said.
The indictment alleges Pina also laundered money used in the sale of illegal drugs and bribed a politician in Paterson, New Jersey, to push through a proposed development, Habba said.
Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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