Pastor indicted for multi-million dollar crypto grift: DOJ

The 51-year-old Miami resident and pastor is accused of using his pulpit to defraud unsuspecting souls into committing cryptocurrency scams.

A federal grand jury in the Eastern District of Washington indicted Francier Obando Pinillo on 26 counts of fraud for allegedly masterminding a cryptocurrency scheme that drew millions from investors between November 2021 and October, according to a Jan. 8 statement from the U.S. Department of Justice. 2023.

Pinillo’s alleged business, called “Solano Fi,” was no ordinary crypto business. It was reported that this came to him “in a dream”.

Pinillo, pastor of the Ministerio Apostólico Profético Tiempos de Poder, a Spanish-speaking church in Pasco, Washington, assured his congregation and other potential investors that Solano Fi is a “safe and guaranteed investment.”

His promise: 34.9% monthly returns.

To sweeten the deal, Pinillo allegedly launched a social media blitz, complete with the Solano Fi Facebook page and a Telegram group titled “Multimillionarios SolanoFi” with more than 1,500 members.

Shady Solano Fi

According to prosecutors, the only thing that grew in Solano Fi was Pinillo’s personal wealth. The indictment alleges that instead of risking investors’ funds as promised, he transferred their money to accounts controlled by him and his fellow conspirators.

Pinillo also offered a 15% referral bonus to encourage others to join Solano Fi, creating a Ponzi-like structure and using funds from new investors to pay fictitious profits to previous participants.

Additionally, the online platform he touts allegedly allows investors to see their growing wealth. In reality, the online application “is designed to allow investors to view allegedly fraudulent balances and purported investment gains, but does not allow investors to withdraw funds,” the DOJ statement says.

Things got even more creative when investors started asking for their money back. Pinillo blamed the faulty website or the bearish cryptocurrency market. In some cases, the victim refused to return investments unless he brought in a new investor to “buy” his account.

“Fraudulent investment schemes are not new, but cryptocurrency fraud is a new way for fraudsters to take money from hard-working, honest people,” said U.S. Attorney Vanessa Waldref.

The charges carry a maximum sentence of 20 years in prison.

The case is being prosecuted by Assistant U.S. Attorneys Dan Fruchter and Jeremy J. Kelley, and the FBI is leading the investigation. As for Pinillo, he was arraigned in U.S. District Court in Richland, Washington; He will need more than faith to continue his legal fight here.

The Commodity Futures Trading Commission previously filed a civil enforcement lawsuit against Pinillo, who primarily targeted Spanish-speaking members of the pastor’s church in Pasco, Washington.