DJ Envy, whose real name is Raashaun Casey, reportedly is fighting to have a federal lawsuit that accuses him of real estate fraud dismissed.
“The Breakfast Club” host intends to shut down a complaint filed in the New Jersey Supreme Court, which accuses him of conspiring with former business associates, Jennifer Pina and Cesar Pina, to steal funds from two investors after promising to invest in different real estate ventures.
According to the lawsuit, plaintiffs Anthony Barone, and Anthony Martini believe DJ Envy and the Pinas utilized the invested funds to sustain or bolster their opulent lifestyles and possibly to settle debts owed to other investors.
Barone and Martini say they first were investing in a 50-unit residential complex called Taylor Apartments on Main Street in Paterson, New Jersey, collectively putting up $1.5 million. However, the suit alleges that Cesar and Jennifer Pina ran off with the money and now both men have “nothing to show for their investments.”
NorthJersey.com reports that it also mentions Casey’s history of buying and flipping undervalued homes in the area for “positive cash flow.”
Martini claims that he believed he held a 25 percent stake in this project, supported by a formation certificate and a stock purchase agreement provided by the Pinas. His investment was purportedly intended to cover cost overruns and initial operating expenses, as specified in the legal filing.
Subsequently, Barone also joined the venture, investing $500,000 for a 12.5 percent ownership, which equated to half of the initial investment and stake Pina requested ($1 million for a 25. Percent ownership).
The plaintiffs claim the Pinas forged Martini’s signatures on other documents related to the property.
Both men were informed that the Taylor Apartments would need renovations to be completed in 2022. But between 2020 and most of 2021, only the foundation had been laid. They claim they repeatedly demanded their money back, including $300,000 that Barone invested in the Pinas’ real estate company, Flip2Dao, for a different project.
“The Pinas did not stop with Taylor Apartments, apparently emboldened, they next solicited [Barone and Martini] to purchase fractional shares of real estate, marketing the investment opportunity as a real estate investment trust,” the suit states.
Barone alleges he contacted Casey about the allegations after seeing his name and the Pinas on several social media posts about running a “Ponzi scheme” and others claiming they had been robbed.
Should the courts rule in favor of the two plaintiffs in the fraud case, they will potentially receive compensatory, consequential, and punitive damages as requested.
DJ Envy is now pushing back, claiming that he was wrongly included in the lawsuit merely due to his celebrity status. The Shade Room reports the well-known DJ filed a motion in court this week asserting that he was not involved in the said deal. He believes he should not be held liable for the alleged actions of his former business partners, the Pinas.
Social media users had a ball mocking the radio personality and calling him out for bamboozling many.
“He look guilty af of whatever y’all say he did.”
“Envy bouta get donkey of the day from his boy soon.”
“Rick Ross in the cut waiting to see what happens.”
“DJ Envy was so busy hating on Rick Ross car show. Whole time he had to commit fraud to promote his own car show.”
Rick Ross and DJ Envy have been engaged in a feud over competing car shows for several months now. When Maybach Music CEO learned about DJ Envy’s involvement in the lawsuit, he couldn’t resist taking a jab at his rival. Ross chose to mock the deejay’s hairline rather than directly address the legal situation in a series of posts on his Instagram story.
Since the news broke, DJ Envy has come forward, denying any affiliation with the Taylor Company or Fli2Dao. The Hampton graduate alleges that he invested $500,000 in a distinct project with the Pinas, intending to transform a former school into an apartment building. However, he claims to have been burnt by the couple.
The Pinas have been interviewed on “The Breakfast Club” in 2018 and 2022. They reportedly assured DJ Envy that they would reimburse his initial investment within a year and also provide a monthly dividend of approximately $17,000 related to this venture.
To date, he asserts that he has not received any distributions or capital returns from this project.