#Cryptocurrency Scam by Pastor#
Hot Topic Overview
Overview
Recently, a U.S. pastor named Francier Obando Pinillo was indicted by the U.S. Department of Justice on 26 counts of fraud for orchestrating a cryptocurrency scam called "Solano Fi." He faces up to 20 years in prison. The scam, which ran from November 2021 to October 2023, defrauded investors of millions of dollars. Pinillo promised his church congregation and other potential investors that Solano Fi was a "safe and secure investment" and promised monthly returns of up to 34.9%. However, he did not collateralize investor funds as promised. Instead, he diverted the money into accounts controlled by him and his co-conspirators. He used new investor funds to pay false profits to early participants, forming a structure similar to a Ponzi scheme. Pinillo also used social media, including Facebook pages and Telegram groups, to promote the project and attract more investors.
Ace Hot Topic Analysis
Analysis
The U.S. Department of Justice has charged a pastor named Francier Obando Pinillo with orchestrating a multimillion-dollar cryptocurrency scam called "Solano Fi," which operated from November 2021 to October 2023. Pinillo promised his church congregation and other investors that "Solano Fi" was a "safe and secured investment" and promised monthly returns of up to 34.9%. Prosecutors allege, however, that Pinillo did not, as promised, stake investors' funds but instead funneled their money into accounts he and his co-conspirators controlled. He also attracted more participants to "Solano Fi" through referral bonuses and social media promotion, forming a Ponzi-like structure and using new investors' funds to pay false profits to early participants. Pinillo currently faces 26 fraud charges that carry a maximum penalty of 20 years in prison. Previously, the U.S. Commodity Futures Trading Commission (CFTC) also sued Pinillo, accusing him of promoting a cryptocurrency Ponzi scheme to 1,500 people, including churchgoers in Washington, D.C., and claiming that the scheme raised $6 million.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
A pastor used his religious authority and the trust of his followers to commit cryptocurrency fraud, using a Ponzi scheme model to attract investors and promising high returns while actually pocketing the funds.
The scam, called "Solano Fi," promised investors "safe and secure investment" and offered a 15% referral bonus to encourage more people to join, creating a structure similar to a Ponzi scheme.
Pastor Francier Obando Pinillo promoted the scheme on social media, creating Facebook pages and Telegram groups to attract more investors.
The U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC) have investigated the matter and filed a lawsuit against Pastor Francier Obando Pinillo. If found guilty, he could face up to 20 years in prison.