Fraudulent crypto scheme led by pastor faces 20-year prison sentence
The pastor promised investors a 35% profit per month
A federal grand jury in the Eastern District of Washington has indicted Francye Obando Pinillo, a pastor of a Spanish-speaking church, on 26 counts of fraud, alleging that he orchestrated a cryptocurrency scheme that drained millions of dollars from his congregation's wallets.
The pastor claimed that the idea for the crypto platform Solano Fi came to him in a dream, promising investors a monthly return of 34.9%.
The platform featured a Solano Fi Facebook page and a Telegram group called "Multimillionarios SolanoFi," which amassed over 1,500 followers.
Pinillo offered 15% referral bonuses for bringing in new members and paid profits to earlier investors using funds from new deposits.
20 years for defrauding believers
The online platform promoted by the pastor allowed investors to view their growing balances, but according to the U.S. Department of Justice, the application "was actually designed to show investors fraudulent supposed balances and purported investment profits while preventing them from withdrawing funds."
Those who attempted to withdraw their money were advised to wait for the cryptocurrency market to improve or to recruit a new investor to "redeem" their savings.
In reality, Solano Fi funds were not directly invested in cryptocurrency but instead transferred to the personal accounts of Francye Pinillo and his accomplices.
The church-based pyramid scheme operated from November 2021 to October 2023. The maximum penalty for the charges against its organizer is 20 years in prison.
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