During the same week that DJ Envy’s former business partner Cesar Pina was arrested for scamming investors out of millions of dollars in an alleged real estate Ponzi scheme, federal agents seize equipment from DJ Envy’s place of business in NYC as a part of the investigation.
On Wednesday(October 18), federal agents raided the iHeart offices and confiscated equipment from where The Breakfast Club morning show is aired, according to an NBC investigative reporter.
“An inside source tells us that the iHeartRadio offices were visited by the feds, who took out electronic equipment as part of this investigation,” said investigative reporter Sarah Wallace.
Documents reveal that the radio host and his former partner are being investigated for seminars they hed across the country, in which they are accused of using to lure in and defraud potential investors. Envy is being accused of using his social media reach to attract people with high investment returns, but ultimately milking investors out of millions of dollars.
Envy addressed the fraud allegartions on air, saying, “Let me explain some things…so Cesar and myself did seminars. Now, the reason I did these seminars is because I wanted to uplift my community. I wanted to teach my community about real estate. Things that I didn’t know when I was buying my first home. So I did these seminars and brought industry professionals to all these seminars, whether it was real estate agents from different markets, contractors, money lenders. I even brought Auction.com to actually show people how to purchase houses online.”
He continued, “Now Cesar, if he took money, I wasn’t privy to it nor did I even know. But I do understand how people feel if they did give him money because I gave him a lot of money that I didn’t see a dollar of return.”
TheSource.com will update this news as more details develop in this multi-faceted story.
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