Clip of Joe Budden Calling DJ Envy’s Business Plan ‘Fishy’ Resurfaces Following Arrest of Real Estate Influencer

“Pina partnered with a celebrity disc jockey and radio personality to conduct real estate seminars around the country. Through these seminars, self-promotional efforts, and other marketing strategies, Pina developed a significant social media following,” the U.S. Attorney’s Office of the District of New Jersey said in a statement announcing the charges.

It continued, “Starting in 2017, Pina began accepting investments from victim investors for the alleged purchase, remodel, and sale of specific real estate projects in New Jersey and other states. To induce his victims, Pina often promised 20 to 45 percent returns on investment within five months. But instead of using victims’ investments as promised, Pina engaged in a Ponzi-like scheme by commingling victim money, using new victim investments to pay off prior victims, and spending victim funds on personal expenditures. The investigation has revealed that Pina defrauded dozens of investors of millions of dollars.”

Envy has said he wasn’t aware that Pina was allegedly stealing money from investors.  

In other news, TMZ, citing law enforcement sources, refuted reports that iHeartRadio offices were raided by federal officials and that electronic equipment was taken for an investigation related to Pina’s case. 

It’s important to note that Envy has not been charged with any crime. Massimo D’Angelo, who is Envy’s attorney, has maintained that his client is a victim in the plot.

“Per my client’s dismissal motions, which are a matter of public record, my client had nothing whatsoever to do with the specific deals concerning Pina’s alleged real estate scheme,” D’Angelo said, per NBC New York. “As such, any reference to my client’s involvement in the purported scheme is solely for purposes of sensationalizing the case because of his celebrity status. In fact, my client is a victim, having also invested $500,000 in one of Mr. Pina’s real estate deals, without seeing any returns.”