Pastor Indicted for Multi-Million Dollar Crypto Grift
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The Allegations
The Department of Justice charged 51-year-old Francier Obando Pinillo with running “Solano Fi,” a cryptocurrency scheme that allegedly bilked millions from investors between November 2021 and October 2023. A pastor based in Miami who leads a Spanish-language church in Washington, he has been accused of using the trust of his congregation to further his scam.
Faith Meets Fraud
Pinillo, the leader of Ministerio Apostólico Profético Tiempos de Poder, touted Solano Fi as a “safe and guaranteed investment.” He promised an improbable 34.9% monthly return and convinced his congregants and other investors to invest their hard-earned money with him. His high-pitched selling, he said, was divinely inspired by a vision. And he had an eager audience.
Social Media Blitz
To expand his network, Pinillo used social networks. He created a Solano Fi page on Facebook and a Telegram chat group, “Multimillionarios SolanoFi,” with over 1,500 members. The scheme also promised irresistible referral fees of 15%, to create a pyramid-like scheme where new money was used to pay phony returns to earlier investors.
How the Scheme Worked
Fake Gains, Real Losses
The DOJ said Pinillo’s promises were a mirage. Instead, he diverted the money into accounts in the names of himself and his associates. Victims were shown fake balances on some sort of online platform that was designed to show growth but avoid withdrawals.
Excuses and Evasions
When investors tried to cash out, Pinillo blamed everything from problems with the website to market declines. In other cases, he allegedly asked victims to bring in new investors to “buy out” their accounts in order to further the fraud.
Justice Awaits
Criminal and Civil Cases
Pinillo now faces 26 counts of fraud, each punishable by up to 20 years in prison. The Commodity Futures Trading Commission filed its own civil charges, claiming he catered to vulnerable, Spanish-speaking parishioners.
A Message from Authorities
“Fraudulent investment schemes are nothing new, but cryptocurrency scams are a new method fraudsters steal money from hardworking, honest people,” said U.S. Attorney Vanessa Waldref.
This case highlights the increasing danger of cryptocurrency fraud and the awareness that is needed to protect personal finances.
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Pastor Indicted for Multi-Million Dollar Crypto Grift
Share:
The Allegations
The Department of Justice charged 51-year-old Francier Obando Pinillo with running “Solano Fi,” a cryptocurrency scheme that allegedly bilked millions from investors between November 2021 and October 2023. A pastor based in Miami who leads a Spanish-language church in Washington, he has been accused of using the trust of his congregation to further his scam.
Faith Meets Fraud
Pinillo, the leader of Ministerio Apostólico Profético Tiempos de Poder, touted Solano Fi as a “safe and guaranteed investment.” He promised an improbable 34.9% monthly return and convinced his congregants and other investors to invest their hard-earned money with him. His high-pitched selling, he said, was divinely inspired by a vision. And he had an eager audience.
Social Media Blitz
To expand his network, Pinillo used social networks. He created a Solano Fi page on Facebook and a Telegram chat group, “Multimillionarios SolanoFi,” with over 1,500 members. The scheme also promised irresistible referral fees of 15%, to create a pyramid-like scheme where new money was used to pay phony returns to earlier investors.
How the Scheme Worked
Fake Gains, Real Losses
The DOJ said Pinillo’s promises were a mirage. Instead, he diverted the money into accounts in the names of himself and his associates. Victims were shown fake balances on some sort of online platform that was designed to show growth but avoid withdrawals.
Excuses and Evasions
When investors tried to cash out, Pinillo blamed everything from problems with the website to market declines. In other cases, he allegedly asked victims to bring in new investors to “buy out” their accounts in order to further the fraud.
Justice Awaits
Criminal and Civil Cases
Pinillo now faces 26 counts of fraud, each punishable by up to 20 years in prison. The Commodity Futures Trading Commission filed its own civil charges, claiming he catered to vulnerable, Spanish-speaking parishioners.
A Message from Authorities
“Fraudulent investment schemes are nothing new, but cryptocurrency scams are a new method fraudsters steal money from hardworking, honest people,” said U.S. Attorney Vanessa Waldref.
This case highlights the increasing danger of cryptocurrency fraud and the awareness that is needed to protect personal finances.
In This News
Coins
Funds
Share:
In This News
Coins
Funds
Share:
Read More
Crypto Privacy Tools: Why Banning Them Would Be a Dangerous Mistake, Warns UK Think Tank