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From Pulpit to Ponzi: How a Preacher’s Crypto Scheme Scammed Thousands

The Rise of Crypto Scams: A Cautionary Tale from Pasco, Washington

In the ever-evolving landscape of cryptocurrency, scams are becoming increasingly sophisticated, targeting unsuspecting investors with alarming frequency. What’s particularly unsettling is that these fraudsters come from all walks of life. A striking example unfolded in Pasco, Washington, where members of the Ministerio Apostólico Profético Tiempos de Poder were duped by none other than their own pastor.

The Pastor and the Scheme: Francier Obando Pinillo

The U.S. Department of Justice has formally charged 51-year-old Francier Obando Pinillo with a staggering 26 counts of fraud. This Miami resident allegedly orchestrated a multi-million dollar cryptocurrency scam that spanned nearly two years—from November 2021 to October 2023—leaving countless victims in its wake.

According to official documents released by the DOJ, Pinillo’s scheme was not just another run-of-the-mill crypto con; it was branded as “Solano Fi.” He leveraged his position as a pastor to promote this investment opportunity within his Spanish-speaking congregation, claiming it had come to him in a dream—a narrative designed to instill trust and credibility among his followers.

Solano Fi: A Dream Turned Nightmare

Pinillo’s approach was anything but conventional. He assured parishioners that investing in Solano Fi was not only safe but also promised an eye-popping monthly return rate of 34.9%. To amplify interest and attract more investors, he launched an aggressive social media campaign alongside creating a Telegram group named “Multimillionarios SolanaFi,” which boasted over 1,500 members at its peak.

This digital outreach included establishing a Facebook page dedicated to Solano Fi—an effort aimed at building community around what he claimed would be lucrative investments.

Unraveling the Ponzi Scheme

Investigators soon uncovered that rather than generating profits through legitimate investments, funds contributed by new investors were funneled directly into personal accounts controlled by Pinillo and his accomplices. Instead of growing wealth for his congregation through sound investment strategies or staking practices typical in crypto markets, he operated what can only be described as a Ponzi scheme.

To further entice participation in this fraudulent venture, Pinillo offered an enticing referral bonus—15% for each new investor brought on board—which created an unsustainable cycle reliant on continuous recruitment rather than actual returns on investment.

Illusions Over Reality

While promising transparency through an online platform where investors could supposedly track their contributions and returns, authorities found that this site displayed fictitious balances and did not permit any withdrawals whatsoever. When anxious investors began requesting payouts after realizing they had been misled, they were met with excuses ranging from technical difficulties on the website to downturns in the crypto market making withdrawals impossible.

Some victims reported being told they could only receive refunds if they recruited additional participants willing to invest—a classic tactic used by scammers looking to prolong their schemes at others’ expense.

Consequences Awaiting Fraudulent Leaders

If convicted on all charges related to this elaborate scam operation involving Solano Fi—and given how serious these allegations are—Pinillo faces up to two decades behind bars. This case serves as both a cautionary tale about trusting too readily those who wield authority within communities and highlights how easily even well-meaning individuals can fall prey to deception when financial promises seem too good to be true.

As cryptocurrency continues its rise into mainstream finance—with global market capitalization reaching approximately $1 trillion—it’s crucial for potential investors always remain vigilant against scams like these lurking beneath shiny surfaces promising quick riches without risk assessment or due diligence.

In conclusion: while innovation drives much excitement around cryptocurrencies today—the darker side remains ever-present; thus education about potential risks is paramount for anyone considering entering this volatile space.

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