- Pinillo convinced his members to ‘invest’ in the fraudulent crypto scheme, assuring them that the idea of the scheme had come to him in a dream and that it was safe
- Washington state grand jury has indicted Pinillo on 26 counts of fraud for stealing about $6 million from over 1,500 investors through the fraudulent Solano Fi crypto scheme
- The charges against Pinillo carry a maximum sentence of up to 20 years
Francier Obando Pinillo, an acclaimed pastor, may spend up to 20 years in jail for using his position to defraud members of his congregation with a crypto scheme he called Solano Fi.
Pinillo, a 51-year-old resident of the United States of America, convinced his members to ‘invest’ in the fraudulent crypto scheme, assuring them that the idea of the scheme had come to him in a dream and that it was safe.
According to the United States Justice Department, Pinillo was arraigned on January 9, 2025, and a Washington state grand jury has indicted him on 26 counts of fraud for stealing from over 1,500 investors through the fraudulent Solano Fi crypto scheme. The charge indicated that Pinillo allegedly used his position as a pastor to induce and exploit members of his congregation and made them part with their money.
Who is the alleged fraudulent pastor Francier Obando Pinillo
Francier Obando Pinillo “was pastor at Ministerio Apostolico Profetico Tiempos de Poder, a Spanish-language church in Pasco, Washington. The Indictment alleges Pinillo used his position as pastor to induce members of his congregation and others to invest their money in a cryptocurrency investment business known as “Solano Fi.” Pinillo claimed the idea for Solano Fi had come to him in a dream and that it was a safe and guaranteed investment. The Indictment further alleges that Pinillo also recruited investors using social media, including a Solano Fi Facebook page as well as a Telegram group known as “Multimillionarios SolanoFi”, which had more than 1,500 members,” a statement from the Justice Department read.
“The indictment further alleges Pinillo told prospective investors that Solano Fi used cryptocurrency “staking” to guarantee a compounding monthly return of 34.9% with no risk. Pinillo explained that investors could access, view, and withdraw their money from Solano Fi through an online interface. However, as alleged in the indictment, the online application was actually designed to allow investors to see fraudulent purported balances and supposed investment gains but did not permit the investors to withdraw funds,” the statement added.
How much did pastor Francier Obando Pinillo steal using Solano Fi crypto scheme?
The United States Commodity Futures Trading Commission filed a lawsuit in December 2024, charging Pinillom with fraud and misappropriation. The commission claimed Pastor Pinillo stole some $6 million from people using the fraudulent Solano Fi crypto scheme.
According to the statement, the indictment alleges that Pinillo had promised to invest his victims’ funds on their behalf. Still, he defrauded further into making cryptocurrency transfers into accounts he designated, then converted the victims’ funds to himself and his co-schemers. Pinillo also convinced investors to recruit other investors, promising that the person who made the referral could earn additional returns for each additional investor they recruited.
When Pinillo’s victims tried to withdraw their assets from Solano Fi, Pinillo claimed he could not return the assets until cryptocurrency markets improved, or because the website or application was down, or that he would not return their investment unless the victim brought in a new investor to “buy out” their account, the Department of Justice further stated in the statement, adding that Pinillo told investors they were required to send more money to “repair” and upgrade the Solano Fi system so that investors could get their funds back.
If found guilty, Pinillo may spend up to 20 years in jail. According to the Justice Department, the charges carry a maximum sentence of up to 20 years.
How crypto trader turned $2k into $3.2 million in 10 hours with Hyperfy (HYPER) token
Meanwhile, TheRadar earlier reported that a smart cryptocurrency trader has become a millionaire after trading the newly launched Hyperfy (HYPER) token. The trader smartly turned an initial investment of $2,137 into over $3.2 million.
This massive profit is despite the general bearish market sentiment, given that the general crypto market had yet to recover from reduced liquidity caused by the holiday season fully.
