Francier Obando Pinillo, a pastor from Washington state, has been indicted on 26 counts of fraud stemming from a crypto scheme known as Solona Fi. Allegedly, he misled over 1,500 investors by claiming the idea for the scheme came to him in a dream and that it was a guaranteed safe investment. He was arraigned in federal court following a grand jury's findings that he exploited his position as a pastor to recruit church members and others via social media. Pinillo is said to have claimed that Solona Fi traded in cryptocurrencies like Bitcoin and Ether, promising high returns with no risk. Allegedly, the investors were misled with fake account balances and were coerced into bringing in new investors to withdraw their own funds. If convicted, Pinillo could face up to 20 years in prison for his actions. The Commodity Futures Trading Commission has also sued him for reportedly stealing $6 million from investors during the operation of Solona Fi from November 2021 to October 2023.

Source 🔗