Francier Obando Pinillo, a pastor from Washington state, has been charged with defrauding his congregation through a cryptocurrency scam. He allegedly convinced church members to invest in “Solano Fi,” claiming it was a dream-inspired, guaranteed investment with a monthly return of 34.9% and no risk. His promotion tactics included online seminars and social media, attracting over 1,500 members. However, the investment scheme was a facade, showing fake profits while preventing withdrawals. Pinillo reportedly collected at least $5.9 million and pressured investors to recruit others. Indicted in November, he faces up to 20 years in prison for targeting more than 1,500 consumers across the U.S.
A Washington State Pastor Indicted for Cryptocurrency Scam
A pastor from Washington state has been indicted for allegedly scamming his own church congregation through a cryptocurrency scheme. Francier Obando Pinillo, 51 years old, is accused of using his position to pressure his followers into investing in a cryptocurrency called “Solano Fi.” U.S. prosecutors claim that Pinillo told his congregation that the idea came to him in a dream and promised guaranteed returns of 34.9% each month.
Pinillo led a Spanish-language church in Pasco, Washington, where he promoted the investment through online seminars, social media, and a Telegram group that attracted over 1,500 members. However, the investigation revealed that the Solano Fi project never produced real investment gains, and participants were unable to withdraw their funds. Investigators asserted that Pinillo’s true intention was to enrich himself rather than to provide a legitimate investment opportunity.
The U.S. Commodity Futures Trading Commission reported that Pinillo obtained at least $5.9 million from this fraudulent scheme. Allegedly, he encouraged his investors to recruit others, promising additional rewards as incentives. The scam lasted from November 2021 until October 2023, during which investors repeatedly attempted to withdraw their money, but Pinillo provided various excuses, claiming the cryptocurrency Market needed time to recover.
In November, a federal grand jury formally indicted Pinillo on 26 counts of fraud, putting him at risk for up to 20 years in prison. This case serves as a stark reminder of the potential dangers in the world of cryptocurrency investments, especially when trust is exploited by individuals in positions of authority.
Tags: Washington pastor fraud, cryptocurrency scam, Solano Fi, church investment scam, fraud indictment, Ponzi scheme, cryptocurrency news.
FAQ on Pastor Indicted for Cryptocurrency Scam
What happened to the pastor involved in the cryptocurrency scam?
The pastor has been indicted for allegedly running a scam that targeted his own church members. He reportedly promised them high returns on cryptocurrency investments but didn’t deliver.
How did the scam work?
The pastor convinced congregation members to invest in a cryptocurrency scheme. He claimed they would make a lot of money quickly. Instead, he used their money for personal expenses and didn’t invest as promised.
How many people were affected by this scam?
Many church members were affected, with estimates suggesting dozens invested their savings in hopes of growing their wealth through this scheme.
What are the possible consequences for the pastor?
If found guilty, the pastor could face serious criminal charges, including fraud. This may lead to significant fines and possibly jail time, depending on the severity of the offense.
What should church members do if they invested?
Affected members should contact legal professionals for advice. It’s also important to report the scam to local authorities to help prevent others from being victimized in the future.