DJ Envy’s former enterprise accomplice Cesar Pina entered plea deal negotiations in an funding fraud case. Based on courtroom paperwork obtained by AllHipHop, Decide Leda Dunn Wettre ordered a continuance to permit prosecutors extra time to work out a cope with Pina on Monday (April 29).
“Plea negotiations are at the moment in progress, and each the USA and the defendant need extra time to barter a plea settlement, which might render grand jury proceedings and a trial on this matter pointless,” the order famous. “Thus, the ends of justice served by granting the continuance and stopping any additional non-excludable days from passing … outweigh the perfect curiosity of the general public and the defendant in a speedy trial.”
Pina was arrested for operating a multimillion-dollar Ponzi scheme in 2023. He was charged by grievance with one rely of wire fraud.
Prosecutors accused Pina of defrauding dozens of traders of thousands and thousands of {dollars}. Authorities stated he used DJ Envy’s celeb standing to advertise actual property ventures managed by Pina, who began accepting investments from victims in 2017.
“We allege Pina provided a ridiculously excessive price of return to traders, then took the thousands and thousands he acquired and invested it in himself,” the FBI’s James E. Dennehy stated. “Historical past has confirmed again and again, Ponzi schemes don’t work. The pot of gold on the finish of the rainbow finally runs out. Traders take observe – it’s your cash, don’t allow them to steal it.”
DJ Envy was by no means charged in connection to the funding rip-off. He denied any wrongdoing.
“Cesar, if he took cash, I wasn’t aware of it, nor did I even know,” DJ Envy stated. “However I do perceive how individuals really feel in the event that they did give him cash as a result of I gave him some huge cash that I didn’t see a greenback of return. For anybody to say I used to be concerned, that’s completely not true.”
Final 12 months, Pina was launched on a $1 million bond. He faces as much as 20 years in jail for wire fraud.