Pastor who saw crypto project in his "dream" indicted for fraud
A pastor at a Pasco, Washington, church has been indicted on 26 counts of fraud for allegedly operating a cryptocurrency scam that defrauded investors of millions between 2021 and 2023.
The US Department of Justice says the pastor, Francier Obando Pinillo, 51, used his position to recruit investors into a fraudulent cryptocurrency venture called "Solano Fi," which he told them "came to him in a dream" and was a guaranteed investment.
"Pinillo used his position as pastor to induce members of his congregation and others to invest their money in a cryptocurrency investment business known as Solano Fi," reads the US Department of Justice announcement.
"Pinillo claimed the idea for Solano Fi had come to him in a dream and that it was a safe and guaranteed investment."
The pastor also set up a Facebook page for Solano Fi to attract more investors outside his direct sphere of influence, as well as a Telegram group named 'Multimillionarios SolanoFi,' which had 1,500 members.
The indictment alleged that Pinillo promised investors they would receive guaranteed monthly investment returns of 34.9% at no risk whatsoever. The indictment further claims he directed the victims to make cryptocurrency transfers to wallets under his control, and instead of investing the funds, he diverted them for personal use.
Investors were provided access to a Solano Fi web app where they could manage their funds; however, the app showed fake balances and investment returns.
Those convinced by the fraud were encouraged to recruit more investors for additional returns, expanding the victims' circle.
As in similar scams, when the victims attempted to withdraw money from the Solano Fi app, the transaction failed.
When confronted about the inability to withdraw money, Pinillo reportedly cited unfavorable cryptocurrency market conditions or technical problems.
The DOJ claims he even extorted victims to send him more money to "repair" the broken Solano Fi system so they could get their funds, or straight out offered them a "buy out" option where they could exit the scam without loss by replacing their account with another person.
In total, Pinollo is said to have targeted at least 1,500 people in the United States, including members of his Spanish church, defrauding them of at least $5,900,000.
The pastor now faces 26 counts of financial fraud, incurring a maximum sentence of up to 20 years in prison.
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