Everyone wants to invest in cryptocurrencies to make a profit, and even pastors are no exception. The U.S. Commodity Futures Trading Commission (CFTC) has accused a pastor from Washington state of promoting a cryptocurrency Ponzi scheme, offering a high monthly return of nearly 35% as bait and deceiving nearly 1,500 followers, resulting in a fraud amounting to $6 million.
The pastor, Francier Obando Pinillo, was the mastermind behind the “Solanofi” platform, which claimed to provide stable profits. According to the CFTC’s indictment, Pinillo identified himself as the CEO of “Solanofi” and its affiliated companies, Solano Partners Ltd. and Solano Capital Investments. He claimed that these companies had built the “Solano ecosystem” and conducted efficient trading using cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and USDT to help clients make substantial profits.
Pinillo assured victims that they could earn up to 34.9% monthly returns through Solanofi. He claimed that his platform utilized automated trading robots and professional software for trading. Pinillo also launched a service called “Solanofi 2.0,” which offered cryptocurrency staking services and promised guaranteed profits to victims.
Victims believed the pastor and joined a multi-level marketing scheme. To increase credibility, Pinillo set up a website that allowed users to view fictional account statements and rewarded users with a 15% commission for referring new members.
However, the CFTC stated that these account statements were entirely fabricated, and there were no actual trades, profits, or accounts. Pinillo actually appropriated all the cryptocurrencies and fiat assets transferred by victims, without engaging in any trading activities.
The CFTC highlighted that Pinillo conducted his promotions in Spanish, primarily targeting the Spanish-speaking community. He used his role as a pastor to build trust and deceive victims who lacked experience in cryptocurrency trading.
This unlawful behavior has sparked widespread concern about the abuse of power by religious leaders. The CFTC’s indictment requests the recovery of all victims’ lost funds, confiscation of illicit gains, and the imposition of a permanent trading ban and restraining order against Pinillo.
Risk Warning: Cryptocurrency investments are highly risky, and prices may fluctuate dramatically, resulting in the potential loss of all invested capital. Please carefully evaluate the risks.