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

CFTC Moves Forward Amidst Stalled CLARITY Act

The CFTC's regulatory initiative reflects growing pressure on US regulators to address gaps in digital asset oversight as the CLARITY Act stalled in Congress.

user avatarMiguel Rodriguez

CFTC Proposes New Crypto Asset Market Registration

The CFTC proposes a new registration category for crypto asset markets to streamline regulatory oversight.

user avatarLuis Flores

Tom Lee Discusses Resilience of Crypto Market Post-Binance Hack

Tom Lee discusses the resilience of the crypto market following the recent Binance hack, highlighting its muted reaction and positive signs for the future.

user avatarArif Mukhtar

Bitmine Continues Ethereum Acquisition Amid Binance Hack

Bitmine Immersion Technologies continues its weekly Ethereum acquisition, adding 8,573 ETH worth approximately $19 million, totaling 6,060,506 ETH.

user avatarMaria Gutierrez

Trezor Expands Passphrase Limit to Enhance Wallet Security

Trezor has increased the passphrase limit for its hardware wallets from 50 to 128 characters to enhance security for users' cryptocurrency holdings.

user avatarDavid Robinson

Animoca Brands Expands Institutional Business with New Fund Management Authorization

Animoca Brands has received authorization to manage collective investment funds in Abu Dhabi, enhancing its institutional business.

user avatarAndrew Smith

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.