Washington Pastor Accused of Crypto Investment Fraud

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by Giorgi Kostiuk

2 years ago

Washington pastor Francier Obando Pinilo is accused of crypto-related fraud after allegedly stealing $5.9 million from church members and others.

Fraud Allegations

Pinilo was apprehended in Miami on December 5 after being indicted by the Eastern District of Washington. He faces charges of 25 counts of wire fraud and operating an illegal money-transmitting business. If convicted, he could face up to 20 years in prison. Additionally, the Commodity Trading Commission has filed a civil lawsuit against him.

Fake Investment Promises

Pinilo promised his victims returns of up to 34.9% monthly on their investments, targeting individuals unfamiliar with the crypto industry. He promoted his schemes to church members and at public gatherings, as well as through social media platforms.

Investigation and Findings

Investigations revealed that Solano Fi had no actual investment or trading programs. Pinilo fabricated account statements to show fictitious profits. Some investors received payouts for recruiting new members, indicating a Ponzi scheme. However, when withdrawal requests began, Pinilo made various excuses to avoid repaying funds.

This case highlights the rise of crypto-related scams, posing challenges for law enforcement and demanding increased vigilance to protect honest individuals.

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