A pastor from Washington state, Francier Obando Pinillo, has been charged with 26 counts of fraud for allegedly deceiving over 1,500 people through a crypto scheme called Solano Fi.
In a January 9 statement, prosecutors said that the pastor used his role in the church to persuade members of his congregation to invest in the venture.
The pastor reportedly told investors that the idea for Solano Fi came to him in a dream and promoted it as a risk-free investment.
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According to prosecutors, he promised returns of up to 35% per month through trading cryptocurrencies like Bitcoin
$93,621.93
and Ethereum
$3,202.97
, along with staking tokens for compounded gains.
However, participants found they couldn’t access their funds and were often shown fake account balances on the Solano Fi website.
Some investors were told they had to wait for the crypto market to improve before withdrawing their money. Others were pressured to recruit new participants to “buy out” their accounts before any funds could be released.
In December 2024, the Commodity Futures Trading Commission (CFTC) also filed a lawsuit, accusing the pastor of misusing $6 million from investors.
The Department of Justice alleges that he used Facebook and a Telegram group called “Multimillionarios SolanoFi” to attract members, many of whom attended his Spanish-language church in Pasco, Washington.
Prosecutors say the pastor and his associates pocketed the money while misleading investors with excuses.
Meanwhile, authorities in Thailand recently confiscated 996 Bitcoin mining devices over a suspected $2.88 million electricity theft. How did the case go? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
