A pastor in Washington state, Francier Obando Pinillo, has been charged for allegedly scamming his congregation through a cryptocurrency scheme. Pinillo, 51, is accused of using his influence to encourage followers to invest in a fictional cryptocurrency called “Solano Fi,” claiming it would deliver high, guaranteed returns. He organized promotional events and created online groups to attract over 1,500 participants. Despite promising profits, the investment program was a fraud; Pinillo prohibited withdrawals and misled investors to fund his personal gains, amassing around $5.9 million. He now faces up to 20 years in prison after being indicted on multiple fraud counts, with the scheme running from November 2021 to October 2023.
A Pastor in Washington State Indicted for Cryptocurrency Scam
A pastor named Francier Obando Pinillo, aged 51, from Pasco, Washington, has recently been indicted for allegedly defrauding his congregation with a fraudulent cryptocurrency investment scheme. According to U.S. prosecutors, Pinillo misused his position to pressure church members to invest in a cryptocurrency known as “Solano Fi.”
Pinillo claimed that the idea for Solano Fi came to him in a dream and promoted it as a safe investment with guaranteed returns. He asserted that investors could expect a monthly return of 34.9% with no risks involved. To further recruit investors, he conducted remote seminars, maintained an active Facebook page, and led a Telegram group that grew to over 1,500 members.
Unfortunately, the promised returns turned out to be fake, and investors were unable to withdraw their funds. The Solano Fi app, which Pinillo touted, was never operational, and the scheme reportedly aimed to enrich only him. Federal investigators revealed that he collected nearly $5.9 million from his victims, urging them to recruit additional investors by offering them rewards.
The fraudulent activities reportedly lasted from November 2021 to October 2023, during which investors frequently attempted to reclaim their money, only to be met with various excuses from Pinillo. In November, a federal grand jury officially indicted him on 26 counts of fraud, which could lead to a prison sentence of up to 20 years.
This case serves as a reminder of the potential pitfalls of cryptocurrency investments and the importance of protecting oneself from scams, especially within trusted communities like places of worship.
Tags: Pastor fraud, cryptocurrency scam, Washington news, crypto investment, Solano Fi
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.