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So whats going on here?
What was the scheme?
But Pina allegedly siphoned some investments for his personal use and used new investments to pay back old investors.
Pina and his wife, Jennifer, are now facing at least 20 lawsuits.
Okay, but was DJ Envy involved?
Prosecutors claim Pina built credibility by holding real-estate seminars with DJ Envy before he began the alleged flipping scheme.
Envy often promoted the project on the Breakfast Club, claiming theyve helped so many people.
It pisses me off that all these people are bashing DJ Envy.
But then Pina said of Envy Hes not a victim.
He was my partner, he was an investor.
This is why you shouldnt do livestreams during the discovery phase of multiple lawsuits.
So what has DJ Envy said about it?
(I think it’s crucial that you listen to your attorneys, co-host Charlamagne tha God responded.)
Envy additionally claimed thathealso gave Pina money that he didnt get back.
What happens next?
If convicted on the wire-fraud charge, he could face up to 20 years in prison and substantial fines.
A judge has ruled to appoint a trustee in both bankruptcy cases to settle debts to investors.
Its unclear what will come of the iHeartRadio office raid.
So no one told Envy this sounded shady?
Actually, someone did: Joe Budden.
Budden laterrecalledthe conversation on his own podcast, saying Envys proposed project just sounded fishy.
