🌎 Miami Pastor Charged in Cryptocurrency Scam

Cryptocurrency Scam: Miami Pastor Accused of Swindling Investors with “Solano Fi” Scheme

A 51-year-old Miami resident and pastor, Francier Obando Pinillo, is facing charges for allegedly running a cryptocurrency scam that drained millions from unsuspecting investors. According to a January 8 release from the U.S. Department of Justice, Pinillo was charged with 26 counts of fraud for masterminding the “Solano Fi” scheme.

The Scheme

Pinillo, the pastor of Ministerio Apostólico Profético Tiempos de Poder, a Spanish-language church in Pasco, Washington, allegedly promised his congregation and other potential investors a monthly return of 34.9% through the Solano Fi scheme. He claimed that the investment was “safe and guaranteed,” and even launched a social media campaign to promote it.

However, prosecutors allege that Pinillo funneled investors’ funds into accounts controlled by himself and his co-schemers instead of staking them as promised. He also offered 15% referral bonuses to encourage others to join the scheme, creating a Ponzi-like structure that used funds from new investors to pay fictitious profits to earlier participants.

Warning Signs of a Cryptocurrency Scam

Some warning signs of a cryptocurrency scam include:

Unrealistic returns or guarantees
Lack of transparency about the investment
Pressure to invest quickly
Unregistered investments or unlicensed sellers
Difficulty withdrawing funds

Investor Protection

U.S. Attorney Vanessa Waldref warned that “fraudulent investment schemes are not new, but cryptocurrency scams are a new way fraudsters take money from hardworking, honest people.” The case highlights the importance of investor protection and the need for individuals to be cautious when investing in cryptocurrencies.

Charges and Investigation

The charges against Pinillo 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, with the FBI leading the investigation.

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