NY/NJ real estate investors become victims of Ponzi scheme

Dozens of NY/NJ tristate area investors say they were victims of fraud, losing six figures apiece in what they thought was a legitimate real estate deal but now believe was a Ponzi scheme. The money was supposed to be used to flip a property in Paterson, New Jersey. But almost as soon as he signed the paperwork, Acosta said something felt wrong. The developers are Cesar Pina and his partner DJ Envy from a radio show called The Breakfast Club. Acosta's contract promised that in return for his $150,000 investments, he’d get $45,000 in interest – a 30% return - in just five months. Nearly a year later, he says he has yet to receive any money and that Pina has stopped returning calls. Full story https://newjersey.news12.com/kiyc-tristate-real-estate-investors-become-victims-of-ponzi-scheme


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