American Pastor Accused of Running $6M Crypto Fraud Scheme

A pastor from Washington state, Francier Obando Pinillo, has been indicted for allegedly defrauding over 1,500 people through a cryptocurrency scheme called Solano Fi.

Prosecutors claim Pinillo used his position to promote the venture, which he described as a “dream-inspired” opportunity promising guaranteed returns.

Authorities allege Pinillo convinced members of his congregation and online followers to invest, claiming Solano Fi traded cryptocurrencies like Bitcoin and Ethereum while offering risk-free monthly returns of up to 35%. However, instead of delivering on these promises, investors were shown fake account balances on the Solano Fi platform and were often denied withdrawals. Some were told they needed to recruit new participants to access their funds, a tactic commonly associated with pyramid schemes.

The scheme, which operated between November 2021 and October 2023, allegedly misappropriated $6 million, with funds diverted for personal use. Prosecutors claim Pinillo recruited victims through church connections, social media platforms, and Telegram groups, further expanding the scam’s reach.

The Justice Department and the Commodity Futures Trading Commission have charged Pinillo with multiple counts of fraud. If convicted, he faces up to 20 years in prison. Efforts to recover the stolen funds are underway, but officials warn that tracing crypto assets poses significant challenges.