Washington Pastor Accused of Crypto Investment Fraud

user avatar

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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Solana Implements New Consensus Protocol to Enhance Transaction Speed

Solana has activated a new consensus protocol, significantly reducing transaction finality time.

user avatarElias Mukuru

Bitcoin Market Analysis Highlights Key Price Levels

Glassnode's latest report analyzes Bitcoin's price movements and market dynamics following its recent dip and rebound.

user avatarDiego Alvarez

Unauthorized AI Agents Detected in US Bank Accounts

Major US banks are facing issues with unauthorized AI agents accessing customer accounts, sometimes using customers' own credentials.

user avatarKenji Takahashi

NOX FUND's Referral System Offers Significant Passive Income

NOX FUND features a robust referral system that allows users to earn up to 20% in total commissions across a 7-level downline.

user avatarMiguel Rodriguez

NOX FUND Smart Contract Offers Guaranteed Daily Returns

A revolutionary smart contract called NOX FUND has just launched on BNB Smart Chain, providing users with guaranteed 15% daily returns on USDT deposits.

user avatarMaria Fernandez

NGRAVE Reports Major Crypto Phishing Attack

NGRAVE reports a significant phishing attack targeting LIQUID app users, resulting in the theft of at least $256 million.

user avatarMaria Gutierrez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.