The US federal authorities have charged Pastor Francoer Obando Pinillo for allegedly using his religious activities to involve parishioners in a fraudulent cryptocurrency scheme. The Ministry of Justice USA reported that Pastor Pinillo created the SOLANO FI investment project, promising guaranteed profits, but ultimately deceived investors for millions of dollars.
Between 2021 and 2023, Pinillo actively attracted people to invest in Solano FI, touting it as a “safe and guaranteed investment.” He claimed that the idea for the platform came to him in a dream. The pastor utilized not only his religious position but also social media platforms, including a SOLANO FI page on Facebook and a Telegram group called Multimillionarios Solanofi with over 1,500 participants.
The fraudulent scheme promised a monthly income of 34.9%, which appeared enticing to victims. Investors were given access to an online interface where they could see their balances supposedly growing. However, they soon discovered they were unable to withdraw any funds, as the access was merely an illusion. Pinillo transferred the funds deposited by investors to himself and his associates.
When individuals attempted to retrieve their money, the pastor made various excuses, citing issues like awaiting cryptocurrency market recovery or blaming “technical problems” with the platform. In December, he was charged with 26 counts of fraud.
Prosecutor Vanessa Waldref highlighted that cryptocurrency fraud has emerged as a modern method of deceit, despite investment schemes making promises of quick returns having existed for many years. In 2023, the FBI received nearly 70,000 complaints regarding cryptocurrency-related crimes, with companies in the US facing nearly $6 billion in total losses.
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