#Pastor Charged with Orchestrating Crypto Scam#
Hot Topic Overview
Overview
The U.S. Department of Justice has charged a pastor named Francier Obando Pinillo with orchestrating a cryptocurrency scam called "Solano Fi" that defrauded investors of millions of dollars between November 2021 and October 2023. Pinillo assured his church congregation and other prospective investors that Solano Fi was a "safe and secure investment" and promised a monthly return of 34.9%. However, instead of staking investors' funds as promised, Pinillo diverted their money into accounts he and his co-conspirators controlled. He also offered a 15% referral bonus to incentivize others to join Solano Fi, creating a Ponzi-like scheme where he used money from new investors to pay fake profits to early participants. Pinillo faces 26 counts of fraud charges and could face up to 20 years in prison.
Ace Hot Topic Analysis
Analysis
The U.S. Department of Justice has charged a pastor named Francier Obando Pinillo with orchestrating a multi-million dollar cryptocurrency scam called "Solano Fi," facing up to 20 years in prison. Pinillo assured his congregation and other prospective investors that Solano Fi was a "safe and secure investment," promising a 34.9% monthly return. However, prosecutors allege that Pinillo did not stake investors' funds as promised, instead funneling their money into accounts controlled by himself and his accomplices. He also encouraged others to join Solano Fi by offering 15% referral bonuses, creating a Ponzi scheme-like structure and using funds from new investors to pay out false profits to early participants. Pinillo actively promoted Solano Fi on social media, including creating Facebook pages and Telegram groups, attracting over 1,500 members. The U.S. Commodity Futures Trading Commission (CFTC) had already sued Pinillo in December, accusing him of promoting a cryptocurrency Ponzi scheme to 1,500 people, including churchgoers in Washington, and claiming the scheme collected $6 million.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
A pastor used his religious identity and trust to attract investors with high returns and promised investment security, but actually engaged in cryptocurrency fraud.
The pastor promoted through social media, establishing a Ponzi scheme structure, using funds from new investors to pay fake profits to early participants.
The pastor transferred investor funds to accounts controlled by himself and his accomplices, and did not pledge as promised.
This incident exposed the risks of cryptocurrency investment, reminding investors to be wary of investment projects with high returns, and to pay attention to the legality and security of investment platforms.