A 51-year-old Miami local and former pastor stands charged for exploiting his position to deceive innocent parishioners by luring them into a fraudulent digital currency scheme through his sermons.
On January 8th, as stated by the U.S. Department of Justice, a federal grand jury in Washington’s Eastern District has accused Francier Obando Pinillo of 26 counts of fraud. The allegations claim that he orchestrated a cryptocurrency scam which depleted millions from investors between November 2021 and October 2023.
The unusual cryptocurrency scheme attributed to Pinillo, known as “Solano Fi,” didn’t resemble typical schemes. It was said to have originated in a dream of his.
In his role as the pastor at Ministerio Apostólico Profético Tiempos de Poder, a Spanish-speaking church located in Pasco, Washington, Pinillo confidently told his congregation and prospective investors that Solano Fi was an “assured and risk-free investment opportunity.
His promise: a monthly return of 34.9%.
To make things even more appealing, it is said that Pinillo initiated an intense online campaign, including the creation of a Facebook page for Solano Fi and a Telegram group named “Millionaires SolanoFi.” This group claimed over 1,500 members.
Shady Solano Fi
As reported by prosecutors, what grew substantially within Solano Fi was solely Pinillo’s own financial assets. Contrary to his pledges, it is alleged in the indictment that he redirected investors’ funds not towards the promised investments, but rather into accounts he and his associates managed personally.
As an analyst, I found that Pinillo proposed a 15% referral incentive within Solano Fi, aiming to attract more individuals to the platform. This strategy, however, inadvertently formed a pyramid-like system reminiscent of a Ponzi scheme. The funds from incoming investors were subsequently utilized to dispense supposed profits to earlier participants.
Furthermore, the digital tool he promoted allegedly displayed increasing wealth for investors. However, in truth, this online application was designed to show false, supposed account balances and investment returns, yet it did not enable investors to withdraw their funds. According to the Department of Justice’s statement.
The situation became even more innovative when investors demanded repayment of their funds. However, Pinillo attributed the problem to the malfunctioning website or the down market of cryptocurrencies. In certain cases, he declined to reimburse investments unless the investor found a new one to replace them by purchasing their account.
Investment fraud isn’t something fresh under the sun, but crooks have found a novel method – cryptocurrency scams – to swindle savings from diligent, trustworthy individuals, as stated by U.S. Attorney Vanessa Waldref.
The charges carry a maximum sentence of 20 years in prison.
The prosecution of this case is being handled by Assistant U.S. Attorneys Dan Fruchter and Jeremy J. Kelley, with the FBI spearheading the investigation. Meanwhile, Pinillo was brought before a judge in the U.S. District Court in Richland, Washington. Given his current predicament, he’ll require more than just faith to maneuver through his legal challenges.
Previously, the Commodity Futures Trading Commission initiated a civil lawsuit against Pinillo, focusing mainly on Spanish-speaking congregants of a church in Pasco, Washington.
Read More
- ‘Violent Night 2’ Writers Discuss Who Could Star as Mrs. Claus
- Jahan Loh and Stash Team Up for ‘Namecaps: Spaceman’ Exhibition at Central Chidlom
- ‘Fast & Furious’ Feud Continues After Vin Diesel’s “Petty” Gesture at Golden Globes
- Azaad actress Rasha Thadani reacts to comparison with Suhana Khan, Janhvi Kapoor, Khushi Kapoor; ‘They have already…’
- Sky Force actor Veer Pahariya gifts his locket to paparazzo; debutant’s sweet gesture goes viral: WATCH
- ANTi COUNTRY CLUB TOKYO’s Ode to American Prep
- AMBUSH Delves Into Its Archives for New Book With Rizzoli
- Square Enix has a Punishment for Toxic Fans Who Harass Their Employees
- Damon Wayans on Why He “Purposefully” Got Himself Fired From ‘SNL’: “I Snapped”
- Supreme Court to Review Nvidia’s Crypto-Mining Revenue Case
2025-01-11 19:28