#Pastor Charged with Crypto Scam#
Hot Topic Overview
Overview
A U.S. pastor named Francier Obando Pinillo has been charged 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 potential investors that Solano Fi was a "safe and secure investment," promising monthly returns of 34.9%. He used social media to promote the scheme, creating Facebook pages and Telegram groups. The U.S. Department of Justice charged Pinillo with 26 counts of fraud, carrying a maximum sentence of 20 years in prison. Previously, the U.S. Commodity Futures Trading Commission (CFTC) had also sued Pinillo, alleging that he promoted a cryptocurrency Ponzi scheme that raised $6 million.
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." The scheme operated from November 2021 to October 2023, with Pinillo assuring his congregation and other prospective investors that it was a "safe and secure investment" and promising a 34.9% monthly rate of return. However, Pinillo did not actually stake investors' funds as promised but instead 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 structure and using new investor funds to pay fake profits to early participants. Pinillo further promoted Solano Fi using social media, including creating Facebook pages and Telegram groups that attracted over 1,500 members. Pinillo now faces 26 counts of fraud and could face up to 20 years in prison.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Priest Francier Obando Pinillo ran a cryptocurrency scam through a bogus project called "Solano Fi," defrauding investors of millions of dollars.
Pinillo promoted the project to his church congregation as "safe and secure," promising a 34.9% monthly return.
Pinillo used social media to promote Solano Fi, including creating Facebook pages and Telegram groups, and offered a 15% referral bonus to encourage others to join, creating a Ponzi-like structure.
Pinillo directed investor funds to accounts controlled by himself and his accomplices, rather than staking the funds as promised.