#Pastor Charged with Crypto Scam#

The U.S. Department of Justice recently charged a pastor named Francier Obando Pinillo with orchestrating a cryptocurrency scam called “Solano Fi,” allegedly defrauding investors out 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 up to 34.9%. However, prosecutors allege that Pinillo did not, as promised, stake investor funds, but rather diverted their money into accounts controlled by himself and his accomplices. He also incentivized others to join Solano Fi by offering 15% referral bonuses, creating a Ponzi-like structure where new investors' funds were used to pay false profits to early participants. Pinillo's actions are alleged to have constituted 26 counts of fraud, and if convicted, he faces up to 20 years in prison. Notably, Pinillo actively promoted Solano Fi on social media, including creating Facebook pages and Telegram groups that attracted over 1,500 members. This case serves as a reminder to exercise caution when investing in cryptocurrencies, avoiding any investments promising high returns, and being especially wary of investment advice from acquaintances or authority figures.