BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Pastor Indicted for Multi-Million Dollar Crypto Grift

by Abimbola Adu
Jan 12, 2025 - 6:34 pm
in Blockchain
Pastor Francier Obando Pinillo accused of crypto fraud in DOJ indictment.

The Allegations

The Department of Justice charged 51-year-old Francier Obando Pinillo with running “Solano Fi,” a cryptocurrency scheme that allegedly bilked millions from investors between November 2021 and October 2023. A pastor based in Miami who leads a Spanish-language church in Washington, he has been accused of using the trust of his congregation to further his scam.

Faith Meets Fraud

Pinillo, the leader of Ministerio Apostólico Profético Tiempos de Poder, touted Solano Fi as a “safe and guaranteed investment.” He promised an improbable 34.9% monthly return and convinced his congregants and other investors to invest their hard-earned money with him. His high-pitched selling, he said, was divinely inspired by a vision. And he had an eager audience.

Social Media Blitz

To expand his network, Pinillo used social networks. He created a Solano Fi page on Facebook and a Telegram chat group, “Multimillionarios SolanoFi,” with over 1,500 members. The scheme also promised irresistible referral fees of 15%, to create a pyramid-like scheme where new money was used to pay phony returns to earlier investors.

How the Scheme Worked

Fake Gains, Real Losses

The DOJ said Pinillo’s promises were a mirage. Instead, he diverted the money into accounts in the names of himself and his associates. Victims were shown fake balances on some sort of online platform that was designed to show growth but avoid withdrawals.

Excuses and Evasions

When investors tried to cash out, Pinillo blamed everything from problems with the website to market declines. In other cases, he allegedly asked victims to bring in new investors to “buy out” their accounts in order to further the fraud.

Justice Awaits

Criminal and Civil Cases

Pinillo now faces 26 counts of fraud, each punishable by up to 20 years in prison. The Commodity Futures Trading Commission filed its own civil charges, claiming he catered to vulnerable, Spanish-speaking parishioners.

A Message from Authorities

“Fraudulent investment schemes are nothing new, but cryptocurrency scams are a new method fraudsters steal money from hardworking, honest people,” said U.S. Attorney Vanessa Waldref.

This case highlights the increasing danger of cryptocurrency fraud and the awareness that is needed to protect personal finances.

Tags: RegulationScamWeb3
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

Bitcoin price chart and stock market data reflecting gains amid easing trade tensions

Crypto Fundraising Hits Record $3.5B in a Week as Bitcoin Peaks Before Market Crash

October 13, 2025

Crypto firms raised a record $3.5B last week across 28 rounds, signaling investor optimism just before Bitcoin’s price...

png 779

North Dakota Steps into Digital Finance

October 8, 2025

North Dakota’s Bank of North Dakota and Fiserv team up to create the Roughrider stablecoin, aiming to boost...

Aerial view of Lugano cityscape highlighting its integration of Polygon technology in the MyLugano app.

Polymarket Founder Joins Billionaires Club

October 8, 2025

Polymarket founder Shayne Coplan becomes the youngest billionaire following a $2B investment from NYSE parent ICE, boosting the...

blockchain

Croatia’s National Team Becomes First to Reward Fans in Crypto

October 7, 2025

Croatia’s HNS launches VATRENI token on Kadena, rewarding fans with crypto and offering exclusive experiences and match ticket...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service