An embattled Franklin Lakes real estate investor and social media influencer, already facing a mountain of lawsuits, was arrested Wednesday and accused of operating a multimillion-dollar Ponzi-like investment fraud scheme by the U.S. Attorney for New Jersey.
Cesar Humberto Pina, 45, has been charged with one count of wire fraud, U.S. Attorney Philip R. Sellinger announced. He was released on a $1 million secured bond with electronic monitoring by Judge Edward Kiel in Newark federal court. He faces up to 20 years in prison if convicted.
“As alleged in the complaint, Pina exploited celebrity status and social media to develop a devoted following of potential victims,” Sellinger said in a release. “Promising returns that were too good to be true, Pina allegedly defrauded dozens of people of millions of dollars. Our office is committed to protecting the public from these schemes and prosecuting those who lie to investors for their own personal gain.”