A 51-year-old Miami resident and pastor has been accused of using his pulpit to con unsuspecting souls in a cryptocurrency scam.

According to a statement from the US Department of Justice dated January 8, a federal grand jury in the Eastern District of Washington indicted Francier Obando Pinello on 26 counts of fraud, alleging that he masterminded a cryptocurrency scheme that drained millions from investors between November 2021 and October. 2023.

Pinillo's alleged business, dubbed "Solano Fi," was no ordinary crypto business. It was said that it came to him in a “dream.”

As pastor of the Ministerio Apostolico Profitico Tempos de Poder, a Spanish-speaking church in Pasco, Washington, Penelo assured his congregation and other potential investors that Solano Fay was a "safe and secure investment."

His promise: a monthly return of 34.9%.

To sweeten the deal, Pinillo allegedly launched a social media campaign, complete with a Solano Fi Facebook page and a Telegram group titled “Multimillionarios SolanoFi,” which has more than 1,500 members.

Shady Solano Fay

According to prosecutors, the only thing that doubled over Solano Faye was Penelo's personal wealth. Instead of mortgaging investors' money as he promised, the indictment alleges that he transferred their money into accounts controlled by him and his associates.

Pinillo also offered 15% referral bonuses to encourage others to join Solano Fi, creating a site It's like a Ponzi The structure and use of funds from new investors to pay fictitious dividends to previous participants.

The online platform he promoted also supposedly allowed investors to watch their growing wealth. In fact, the online application was “actually designed to allow investors to see allegedly fraudulent balances and supposed investment gains but did not allow investors to withdraw funds,” the Justice Department said. statement He reads.

Things got more creative when investors started demanding their money back. Pinello blamed a faulty website or a bearish cryptocurrency market. In some cases, he refused to return investments unless the victim brought in a new investor to “buy” his account.

“Fraudulent investment schemes are not new, but cryptocurrency scams are a new way scammers are taking money from honest, hardworking people,” US Attorney Vanessa Waldrif said.

These charges carry a maximum penalty of 20 years in prison.

The case is being investigated by Assistant US Attorneys Dan Fruchter and Jeremy J. Kelly, and the FBI is leading the investigation. As for Penelo, he was arraigned in US District Court in Richland, Washington, where he will need more than faith to fight his legal battles.

Formerly Commodity Futures Trading Commission foot Civil enforcement action against Penelo, who Targeted Primarily Spanish speaking members of the pastor's church in Pasco, Washington.