#Cryptocurrency Scam by a Pastor#
Hot Topic Overview
Overview
A U.S. pastor named Francier Obando Pinillo was recently charged by the Department of Justice with 26 counts of fraud for orchestrating a cryptocurrency scam called “Solano Fi.” Pinillo faces a maximum of 20 years in prison. Pinillo promised his church congregation and other investors that "Solano Fi" was a safe and secure investment, guaranteeing a 34.9% monthly return. However, Pinillo did not collateralize investors' funds as promised. Instead, he funneled the money into accounts controlled by himself and his co-conspirators, paying out fake profits to early participants using funds from new investors, creating a Ponzi scheme-like structure. Pinillo also utilized social media, including Facebook and Telegram, to promote “Solano Fi,” attracting over 1,500 members. The Department of Justice is currently investigating Pinillo and has brought charges against him.
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 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 a monthly return of 34.9%. He used social media, including Facebook pages and Telegram groups, to promote the scheme, and offered a 15% referral bonus to encourage others to join, creating a structure similar to a Ponzi scheme. Pinillo allegedly did not invest the funds as promised, but instead diverted the money into accounts controlled by himself and his accomplices, and used funds from new investors to pay out fake profits to early participants. Pinillo faces 26 counts of fraud, carrying a maximum sentence of 20 years in prison. Previously, the Commodity Futures Trading Commission (CFTC) also sued Pinillo, alleging he promoted the cryptocurrency Ponzi scheme to 1,500 people, including parishioners at a Washington church, and claiming the scheme raised $6 million.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
A pastor used his religious identity and the trust of his followers to commit cryptocurrency fraud, using a Ponzi scheme model to attract investors with promises of high returns, while actually diverting funds to his personal account.
The fraudulent project was advertised as a "safe and secure" investment and promoted through social media, attracting a large number of investors, including church members.
The pastor has been charged with 26 counts of fraud and faces a maximum of 20 years in prison, with the case still pending.
This incident exposes the risks of cryptocurrency investment and the possibility of fraud in the religious field, reminding investors to invest cautiously and be wary of scams.