Pastor Charged With Fraud Counts Over $6M Crypto Scam

A Washington court has charged the 51-year-old pastor, Francier Obando Pinillo, with 26 counts of fraud for running a crypto scam project that defrauded over 1,500 investors out of nearly $6 million. The man could face up to 20 years behind bars for such crimes.

Nearly $6M Crypto Scam

The United States Department of Justice (DOJ) investigated and revealed that Pinillo promoted a crypto venture called Solano Fi, which he claimed he saw “in a dream.” The sham pastor headed a Spanish-language church in Pasco, Washington.

Authorities alleged that Pinillo used his position as a pastor to gain the trust of his congregation before broadening his recruitment through social media. He created a Facebook page and operated a Telegram group named “Multimillionarios SolanoFi,” attracting more than 1,500 participants. He promised investors guaranteed monthly returns of 34.9% and claimed the investment was risk-free.

Victims saw a fake dashboard showing an inflated account balance and profit. However, when they attempted to withdraw funds, Pinillo allegedly delayed payment by citing technical issues or market downturns. He sometimes demanded additional investments or required participants to recruit others to access their money. The fraudulent cycle lasted between November 2021 and October 2023, resulting in nearly $6 million in theft through illicit means.

Pinillo is now facing serious legal consequences. If convicted, he could face up to 20 years in prison for all 26 counts of fraud.

Crypto Scams on the Rise

As scammers continue to develop deceptive tactics to exploit unsuspecting individuals, they increasingly use crypto to carry out their criminal schemes. Common baits include phishing scams, address poisoning attacks, ransomware exploits, and romance scams.

One of the biggest scam exploits from last year saw the co-founder of a project called OmegaPro arrested for his role in a $4 billion scam. Investigations disclosed that the project employed the infamous pyramid scheme where funds from new investors were paid to older investors, creating an illusion of profitability.