Church Pastor Faces Fraud Charges Over Crypto Scam
In a shocking turn of events, a 51-year-old Miami resident and church pastor, identified as Francier Obando Pinillo, has been accused of betraying the trust of his congregation by orchestrating a sophisticated cryptocurrency scam. According to an announcement by the U.S. Department of Justice, Pinillo stands indicted on 26 counts of fraud for allegedly running a scheme under the guise of "Solano Fi," a venture he claimed came to him in a divine dream. “Solano Fi” is not to be confused with Solana, which is a legitimate well known cryptocurrency.
Pinillo, who served as the pastor at Ministerio Apostólico Profético Tiempos de Poder, a Spanish-speaking church located in Pasco, Washington, leveraged his spiritual authority to convince both his flock and others of the legitimacy of Solano Fi. He painted it as an investment opportunity that was both safe and guaranteed, promising investors an astonishing monthly return of 34.9%. This promise, however, was nothing more than a mirage designed to lure in unsuspecting investors.
Shady Solano Fi
The allure of high returns was bolstered by a vigorous social media campaign, including a dedicated Solano Fi page on Facebook and a Telegram group named "Multimillionarios SolanoFi" that attracted over 1,500 members. Yet, beneath the surface of this seemingly promising venture, a darker truth was at play. Rather than investing the funds as promised, Pinillo allegedly siphoned the money into accounts he controlled or shared with accomplices.
The scam's structure mimicked a Ponzi scheme, where funds from new investors were used to pay off earlier ones, creating an illusion of profitability. To further entice more victims into this web, Pinillo offered a 15% referral bonus for bringing in new investors. The online platform associated with Solano Fi was a sham, designed to display fictitious balances and gains while denying actual withdrawals. When confronted by investors seeking their returns, Pinillo resorted to excuses like website malfunctions or unfavorable market conditions. In some cases, he even demanded that investors recruit new participants to "buy out" their investment before any repayment would be considered.
U.S. Attorney Vanessa Waldref commented on the case, highlighting the evolving nature of fraud in the digital age, "Fraudulent investment schemes are not new, but cryptocurrency scams are a new way fraudsters take money from hardworking, honest people." If convicted, Pinillo faces up to 20 years in prison, a stark contrast to the prosperity he once preached.
The legal proceedings are being handled by Assistant U.S. Attorneys Dan Fruchter and Jeremy J. Kelley, with the FBI taking the lead on the investigation. Pinillo's arraignment took place in the U.S. District Court in Richland, Washington, where he will require more than spiritual guidance to navigate the legal challenges ahead.
Moreover, the Commodity Futures Trading Commission had previously initiated civil actions against Pinillo, focusing on how he preyed upon the Spanish-speaking community of his church in Pasco, Washington.