NYC Radio: Alleged Ponzi Scheme Rocks iHM's 'The Breakfast Club'

NYC Radio: DJ Envy of WWPR's Breakfast Club

Federal agents in New Jersey arrested a business partner of DJ Envy for alleged real estate fraud.

Cesar Pina, featured on iHeartMedia's syndicated "The Breakfast Club" morning show was arrested for wire fraud recently. He allegedly defrauded dozens of victims through a Ponzi-like scheme. Envy, whose real name is Rashaun Casey, was not charged, but many alleged victims claim his celebrity influenced them.

A source familiar with the investigation told NBC 4 that federal agents visited iHeartRadio offices and seized electronic equipment as part of the ongoing investigation. DJ Envy's attorney, Massimo D'Angelo, denied such claims.

Envy partnered with Pina to teach on generational wealth and home buying to uplift the community on "The Breakfast Club."

Envy claimed that he empathized with Pina's victims because he allegedly gave him money but did not receive a return. He denied stealing from anyone.

After that show ended, Pina was arrested by federal agents on one count of wire fraud charges, which the co-host plead not guilty to. He was released on a $1 million bond but is now under electronic monitoring. As a constructive measure, he has been prohibited from leaving the state of New Jersey, as he may face additional charges for money laundering.

In the complaint, local U.S. Attorney Philip R. Sellinger stated that Pina used his celebrity status and social media presence to gain a devoted following of potential victims, whom he then exploited.

"Pina and his business partner, a well-known disc jockey and radio personality ("Individual-1"), operated a company that conducted real estate seminars around the country. Together, they used Individual-l's celebrity to promote various real estate enterprises that Pina controlled."

According to Yahoo News, Envy's wife, Gia Casey, reportedly removed some of her social media posts featuring the numerous luxury designer items that Envy buys her in a year. Envy is known for gifting his wife with presents for each of the 12 days leading up to Christmas, earning him a reputation for lavish gift-giving.