Scammers involved with cryptocurrencies are increasingly devising cunning methods to defraud and trick people who aren’t aware of the risks. What makes this issue particularly concerning is that these swindlers come from various walks of life and don’t fit a specific profile or background. This was precisely the case with members of Ministerio Apostólico Profético Tiempos de Poder parish in Pasco, Washington, who were unfortunately taken in by a cryptocurrency scam orchestrated by their own pastor.
The U.S. Department of Justice announced that Francier Obando Pinillo, a 51-year-old pastor residing in Miami, Florida, has been officially accused by the Eastern District of Washington on 26 charges of fraud.
A government report was made public, revealing that a pastor orchestrated a cryptocurrency fraud scheme between November 2021 and October 2023, resulting in losses totaling millions of dollars for unaware investors.
Solano Fi Came To The Pastor “In A Dream”
Pastor Pinillo led the Apostolic Prophetic Time’s Power Ministry in Pasco, Washington, serving a Spanish-speaking congregation. The alleged fraud, referred to as “Solano Fi,” was unlike typical cryptocurrency scams found on the internet. It is said that the concept of offering crypto investment emerged in Father Pinillo’s dreams, according to various reports.
Pastor Pinillo leveraged the pulpit and his standing within the parish to market an investment opportunity to his congregation, emphasizing that Solano Fi was secure and promised consistent returns. It’s said that he even suggested a monthly return of 34.9%, and to draw in more investors, he launched an aggressive social media campaign.
Reportedly, Pinillo is said to have established a Telegram community known as “SolanaFi Millionaires,” boasting over 1,500 members, along with a corresponding Facebook page under the name Solana Fi.
Solano Fi Investment A Ponzi-Scheme
In my exploration, it came to light that while the general investing public suffered losses, Pinillo’s personal fortune apparently prospered. What I uncovered was that rather than being invested as intended, the funds appeared to have been diverted into the personal bank accounts of the pastors and other alleged fraudsters.
Officials uncovered that Pinillo incentivized individuals to sign up and invest by offering them a 15% Referral Incentive, which resembled a Ponzi-style setup. Through this arrangement, the pastor utilized the resources of new investors to compensate the “earnings” of prior participants.
Reasons Instead Of Profits
Pinillo and his associates unveiled a digital investment-tracking tool for investors’ convenience. Yet, as per the Department of Justice, this platform reportedly displayed false account balances and prevented investors from retrieving their funds.
The struggles of investors intensified as they sought their due returns. Upon making withdrawal requests, they were frequently informed that such transactions couldn’t be processed, either due to technical issues with the platform or a downward trend in the cryptocurrency market. Some investors reported that Pinillo would only reimburse the investment if they could find new investors willing to take over their accounts through a buyout process.
If found guilty, Pinillo will serve a maximum of 20 years.
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2025-01-13 00:41