Cesar Humberto Pina allegedly collected about $17 million from dozens of investors to renovate and resell residential properties in New Jersey.
A real estate investor from New Jersey is accused of using his large social media following to defraud victims out of millions of dollars, U.S. Attorney Philip R. Sellinger said.
Pina had promised these victims returns between 20 and 45% within five months, charging documents said. Instead, he engaged in a Ponzi-like scheme, only paying back some of the investors and using funds for personal expenses, officials alleged. This helped him achieve an influencer status on social media, with hundreds of thousands of followers, according to court papers. Law enforcement has accused him of using his online presence to attract investors.
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