Bergen County influencer and real estate investor charged in multimillion Ponzi scheme

An embattled Franklin Lakes real estate investor and social media influencer, already facing a mountain of lawsuits, was arrested Wednesday and accused by the U.S. attorney for New Jersey of operating a multimillion-dollar Ponzi-like investment fraud scheme.

Cesar Humberto Pina, 45, has been charged with one count of wire fraud, U.S. Attorney Philip R. Sellinger announced. He was released on a $1 million secured bond with electronic monitoring by Magistrate Judge Edward Kiel in federal court in Newark. Pina faces up to 20 years in prison if convicted.

“As alleged in the complaint, Pina exploited celebrity status and social media to develop a devoted following of potential victims,” Sellinger said in a release. “Promising returns that were too good to be true, Pina allegedly defrauded dozens of people of millions of dollars. Our office is committed to protecting the public from these schemes and prosecuting those who lie to investors for their own personal gain.”

Pina, who gained fame doing real estate seminars around the country, would entice victims by promising up to 20% to 45% returns within five months, the U.S. attorney said. However, Pina did not invest the victims' money, as promised, but used the money from new victims to pay others, operating a Ponzi-like scheme, officials say.

“We allege Pina offered a ridiculously high rate of return to investors, then took the millions he got and invested it in himself,” FBI Newark Special Agent in Charge James E. Dennehy said. “History has proven time and again, Ponzi-schemes don't work. The pot of gold at the end of the rainbow eventually runs out. Investors take note — it’s your money, don’t let them steal it.”

Legal troubles mounting

This is not the first legal trouble for Pina, who is already facing over 10 lawsuits from people who claim to have been victims.

A lawsuit filed by Anthony Barone and Anthony Martini on July 6 against Cesar and Jennifer Pina alleges the pair defrauded the victims out of money. Barone and Martini accused the Pinas of taking $1.5 million from them for a real estate venture in Paterson called the Taylor Apartments.

In an Aug. 4 suit, Englewood resident Enisa Berisha accuses the Pinas of defrauding her of $750,000 after she was introduced to Cesar Pina by a mutual friend who had invested with him previously.

Pina appeared to be a real estate influencer on the rise, with a commitment to philanthropy in North Jersey. His Instagram page has over 300,000 followers. Pina's website said he became involved in real estate in 2006 and partnered with radio personality RaaShaun Casey, known as DJ Envy, to host touring real estate seminars across the tri-state area.

Staff Writer Kaitlyn Kanzler and Joe Malinconico of Paterson Press contributed to this article.

This article originally appeared on NorthJersey.com: Franklin Lakes real estate influencer Cesar Pina charged