#The priest is accused of crypto fraud.#

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 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 actually stake investors’ funds as promised, instead funneling their money into accounts controlled by himself and his co-conspirators. He also encouraged others to join Solano Fi by offering 15% referral bonuses, creating a Ponzi scheme-like structure and using new investors’ funds to pay false profits to early participants. Pinillo’s actions have been charged as 26 counts of fraud, which if convicted, could result in a maximum sentence of 20 years in prison. Previously, the U.S. Commodity Futures Trading Commission (CFTC) had sued Pinillo, accusing him of promoting the cryptocurrency Ponzi scheme to 1,500 people, including parishioners at a church in Washington, and claiming it raised $6 million.