Crypto scammers are becoming more creative in their attempts to swindle and fool unsuspecting investors and individuals. Even more alarming is that these scammers don’t fit a specific profile or background. That’s precisely what happened to Ministerio Apostólico Profético Tiempos de Poder parishioners in Pasco, Washington, when they fell for a cryptocurrency scam run by their pastor.
According to the US Department of Justice, the Eastern District of Washington has formally charged Francier Obando Pinillo, a 51-year-old Miami resident and pastor, with 26 counts of fraud.
The DOJ released a document stating that the pastor masterminded a crypto scam from November 2021 to October 2023, costing unsuspecting investors millions of dollars.
Solano Fi Came To The Pastor “In A Dream”
Pinillo was the pastor of the Ministerio Apostólico Profético Tiempos de Poder in Pasco, Washington, with its Spanish-speaking congregation. According to the charge sheet, the scam was called “Solano Fi.” This was not your ordinary crypto scam that you’ve read many times online. According to multiple sources, the idea to offer a crypto investment came to Father Pinillo in “a dream.”
Pinillo used the pulpit and his authority in the parish to sell the investment to his congregation, assuring that Solano Fi was safe and offered guaranteed payouts. The pastor reportedly dangled a monthly return of 34.9%, and to attract more investors, he ran a social media blitz.
Pinillo allegedly launched a Telegram group, the “Multimillionarios SolanaFi,” with more than 1,500 members, and a Solano Fi Facebook page.
Solano Fi Investment A Ponzi-Scheme
According to investigators, investors lost their money while Pinillo’s personal wealth continued to increase. Instead of staking the funds, the authorities learned that they were funnelled into the personal accounts of the pastors and other scammers.
Authorities also discovered that Pinillo offered a 15% Referral Bonus to motivate others to join and invest their money, creating a Ponzi-like program. Under this scheme, the pastor used the new investors’ funds to pay off the “profit” of earlier investors.
Reasons Instead Of Profits
Pinillo and his partners also launched an online platform that investors can supposedly check to track their investments. However, according to the DOJ, the online platform only showed fake balances and did not allow investors to withdraw their money.
Investors’ woes worsened when they started to request payouts. After asking for their funds, they were often told that withdrawals were not possible because of a faulty website or a bearish crypto market. Some investors shared that Pinillo will only refund the investment unless they can bring in new investors to “buy out” the accounts.
If found guilty, Pinillo will serve a maximum of 20 years.
Featured image from Pexels, chart from TradingView
