A federal court in the state of Washington has charged Pastor Francier Obando Pinillo with 26 counts of fraud. He is suspected of defrauding more than 1,500 investors through a crypto scheme called Solano Fi, which he described as “divine inspiration.” According to the U.S. Department of Justice, Pinillo claimed he got the idea for the project in a dream, presenting it as a safe and guaranteed investment.
Recruiting Congregants and Creating Illusory Profits
Pinillo, a pastor at a Spanish-speaking church in Pasco, Washington, allegedly used his position to recruit his congregants into the scheme. Promotion was carried out via the Solano Fi Facebook page and a Telegram group called “Multimillionarios SolanoFi,” which had over 1,500 members. Prosecutors say some of the victims were members of his congregation.
Investors were promised returns of up to 35% per month through Bitcoin and Ethereum trading and token staking. Clients saw fictitious balances and profits on the project’s website, but were unable to withdraw funds. Some were told that their money would become available once the crypto market improved; others were told their accounts could only be “redeemed” if new investors joined.
Fraudulent Scheme and Financial Maneuvers
Investigators claim that instead of investing in cryptocurrencies, Pinillo and his accomplices spent the funds on personal needs. Additionally, victims were encouraged to recruit new participants, offering extra income for doing so — a method typical of a pyramid scheme.
Solano Fi operated from November 2021 to October 2023.
Legal Action and Challenges in Recovering Funds
In December 2023, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Pinillo, accusing him of embezzling $6 million. If found guilty, he faces up to 20 years in prison.
Prosecutors note the difficulty of recovering stolen funds since crypto assets are hard to trace. Nevertheless, the U.S. Attorney’s Office for the Eastern District of Washington stated its intention to return as much money as possible to the victims.
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