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Faith and Fraud: The Preacher Who Turned His Pulpit into a Cryptocurrency Scam

Crypto

Crypto scammers are increasingly inventive in their schemes to deceive unwary investors. Shockingly, these scammers come from various backgrounds. A prime example is the case involving the congregation of Ministerio Apostólico Profético Tiempos de Poder in Pasco, Washington, who were victims of a cryptocurrency scam orchestrated by their own pastor.

The US Department of Justice reports that Francier Obando Pinillo, a 51-year-old pastor residing in Miami, has been formally charged with 26 counts of fraud in the Eastern District of Washington.

According to a document released by the DOJ, Pinillo allegedly orchestrated a cryptocurrency scam from November 2021 through October 2023, resulting in millions of dollars lost by unsuspecting investors.

Pastor’s Vision from a Dream

As the leader of the Spanish-speaking Ministerial congregation, Pinillo introduced an investment scheme named “Solano Fi.” Uniquely, the concept for this investment vehicle supposedly came to him in a dream.

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Utilizing his position, Pinillo promoted this cryptocurrency investment, claiming that Solano Fi was secure and promising guaranteed returns. He offered a substantial monthly return of 34.9% and engaged in extensive marketing on social media to draw in more participants.

To further entice potential investors, he established a Telegram group named “Multimillionarios SolanaFi,” which attracted over 1,500 members, along with a dedicated Facebook page.

Solano Fi as a Ponzi Scheme

Investigators uncovered that while investors lost their capital, Pinillo’s personal wealth grew significantly. Rather than investing the funds, they were allegedly diverted into the personal accounts of Pinillo and his accomplices.

Additionally, Pinillo implemented a 15% referral bonus to encourage more people to invest, effectively establishing a Ponzi-like scheme. In this setup, funds from new investors were used to pay returns to earlier investors.

Empty Promises Instead of Returns

Pinillo and his associates also created a website that purported to allow investors to monitor their investments. However, the DOJ claims this platform showed only fabricated balances and did not permit fund withdrawals.

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Many investors faced additional troubles when they tried to get their money back. Requests for withdrawals were often met with excuses such as a malfunctioning website or unfavorable market conditions. Some investors reported that refunds were conditional on bringing in new investors to “buy out” their accounts.

If convicted, Pinillo could face a maximum sentence of 20 years.

Image from Pexels, data chart from TradingView

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