Washington pastor Francier Obando Pinillo is accused of $6 million fraud through the Solona Fi crypto scheme. He attracted over 1,500 investors by claiming the investment idea came to him in a dream.
Charges Against the Pastor
The Justice Department stated on January 9 that Francier Obando Pinillo was indicted on 26 counts of fraud. He allegedly used his position as a pastor to persuade members of his congregation to invest in Solona Fi, which he presented as a safe and guaranteed investment. Pinillo faces up to 20 years in prison if found guilty.
How the Scheme Operated
Solano Fi presented itself as an investment venture trading Bitcoin, Ether, and other cryptocurrencies. Clients were convinced of risk-free annual returns of up to 35%. However, investors saw fraudulent account balances, and funds withdrawal was restricted, forcing them to recruit new participants to access their money. In December, the Commodity Futures Trading Commission filed a lawsuit, claiming the pastor stole $6 million.
Aftermath and Investigation
The U.S. Attorney's Office for the Eastern District of Washington said they are working to recover the stolen funds. Yet, recovering participants' money remains challenging due to the nature of crypto accounts. Pinillo and his accomplices are accused of pocketing funds while expanding the scheme by promising additional profits for recruiting new investors.
Authorities continue to investigate Solona Fi and attempts to recover investors' funds. This case highlights the complexity and risks of investing in crypto schemes without due diligence.
