#Cryptocurrency Scams by Pastors#
Hot Topic Overview
Overview
A U.S. pastor named Francier Obando Pinillo has been charged by the Department of Justice with 26 counts of fraud for orchestrating a cryptocurrency scam called "Solano Fi," facing a maximum sentence of 20 years in prison. Pinillo allegedly promised his church congregation and other investors that "Solano Fi" was a "safe and secured investment," offering a monthly return of 34.9%. However, he did not actually stake investors' funds as promised, but instead funneled the money into accounts controlled by him and his accomplices. Pinillo also promoted "Solano Fi" through social media and offered referral bonuses, creating a Ponzi scheme-like structure where new investors' funds were used to pay fake profits to early participants. The Department of Justice has officially indicted Pinillo, and the case is currently under further investigation.
Ace Hot Topic Analysis
Analysis
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 out of millions of dollars. Pinillo assured his church congregation and other potential investors that Solano Fi was a "safe and secure investment" and promised a monthly return of 34.9%. However, prosecutors allege that Pinillo did not collateralize investor funds as promised but instead diverted their money into accounts he and his co-conspirators controlled. He also encouraged others to join Solano Fi by offering a 15% referral bonus, creating a Ponzi-like structure and using funds from new investors to pay fake profits to early participants. Pinillo’s scheme ran from November 2021 to October 2023. He faces 26 counts of fraud, which carries 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 some Washington churchgoers, and alleging that the scheme absorbed $6 million in funds.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
A pastor used religious belief and the trust of believers to commit fraud. Using cryptocurrency as a tool, they promised high returns to attract investors, but actually engaged in a Ponzi scheme, ultimately resulting in heavy losses for investors.
The pastor used social media for publicity, creating the illusion that the investment project was safe and reliable, and attracted more people to participate through referral bonuses, expanding the scale of the fraud.
This incident exposed the lack of regulation in the cryptocurrency investment field, as well as the lack of risk awareness among some investors, who are easily tempted by high returns and ignore risks.
This incident reminds people that investment should be cautious, do not blindly trust promises of high returns, choose legitimate platforms, and do risk control.