- Francier Obando Pinillo, a pastor from Pasco, Washington, has been indicted on 26 counts of fraud in connection with SolanoFi, a cryptocurrency scheme.
- The scam, valued at $5.9 million, promised customers monthly returns of up to 34.9%, claiming to operate a risk-free leveraged staking platform.
Francier Obando Pinillo, a pastor from the Ministerio Apostólico Profético Tiempos de Poder in Pasco, Washington, has been charged with 26 counts of fraud in connection to the Solano Fi cryptocurrency scheme. The U.S. Department of Justice released a statement on January 9, 2025, outlining how Pinillo allegedly defrauded investors of millions between November 2021 and October 2023. Pinillo reportedly promised a monthly return of 34.9% through a social media-driven investment plan, which ultimately turned out to be a scam.
Pinillo’s deceptive tactics included the creation of a Facebook page and a Telegram group titled “Multimillionarios SolanoFi,” which attracted over 1,500 members. The pastor claimed that the cryptocurrency scheme, which allegedly came to him in a “dream,” would provide high returns for investors. The 51-year-old sought to build trust by presenting a facade of legitimacy, encouraging people to invest large sums with the promise of quick and substantial returns.
The Ponzi Scheme Structure
According to court records, the Solano Fi scheme operated on a Ponzi-like structure. Pinillo incentivized current participants to recruit new investors by offering 15% referral bonuses. Instead of investing the funds as promised, Pinillo funneled money into accounts controlled by himself and his associates. The scheme grew more deceptive when an online platform was introduced that displayed fabricated investment balances while preventing investors from withdrawing their funds.
Pinillo further misled investors by presenting falsified account statements and claiming to use the funds for high-performance trading on cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Customers were also asked to pay a $1,500 maintenance fee to access the platform. In promotional materials, Pinillo falsely claimed that a $1,000 investment could grow to nearly $1 million in just 24 months, convincing many to participate in the fraudulent scheme.
When investors attempted to withdraw their funds, they were met with excuses, including blaming technical issues on the website or the cryptocurrency market’s volatility. Pinillo refused to return investments in some cases unless victims recruited new investors to “buy out” their accounts, continuing the cycle of fraud.
Pinillo faces up to 20 years in prison if convicted. The Commodity Futures Trading Commission (CFTC) also filed a lawsuit against Pinillo for misappropriating $6 million in investor funds in December. The CFTC alleges that Pinillo’s companies, including SolanoFi and Solano Capital Investments, were fraudulent entities.
Pinillo’s case is a stark reminder of how cryptocurrency scams can exploit people’s trust, particularly in a religious setting. The pastor’s position in the community was used to gain credibility for the fraudulent scheme, highlighting the need for investors to exercise caution when faced with “too good to be true” investment opportunities.
