Pastor indicted for Christian-themed cryptocurrency pyramid scam
There is a lot to unpack in this story, but the short of it is that Francier Obando Pinillo faces 26 counts of fraud for running a scam on his congregation between November 2021 and October 2023.
It is alleged that Pinillo was pumping his congregants for money in the form of cryptocurrency investments. Acting as a trusted religious adviser in a Spanish-speaking community in rural Washington, it is said that Pinillo took advantage of the community to extort cash.
“The indictment alleges Pinillo used his position as pastor to induce members of his congregation and others to invest their money in a cryptocurrency investment business known as ‘Solano Fi’,” the U.S. Department of Justice said in announcing the charges.
The DOJ alleges that Pinillo operated something similar to a Ponzi scheme, telling congregants that their money would bring returns of 34.9% with zero risk of losing their investment.
In reality, the money was allegedly going into Pinillo’s pocket and, when the victims asked to receive their money back, they were met with threats and demands to expand the pyramid scheme.
