CFTC Sues Pastor Over Alleged $6 Million Crypto Ponzi Scheme
The United States Commodity Futures Trading Commission (CFTC) has filed a
lawsuit against Francier Obando Pinillo, a pastor accused of orchestrating a
$6 million crypto Ponzi scheme targeting 1,500 individuals, including his
congregants.
The Allegations
The CFTC’s complaint, filed on Dec. 9 in a Spokane federal court, alleges:
False Claims: Pinillo, operating under entities like Solanofi, Solano Partners
Ltd., and Solano Capital Investments, promised returns of up to 34.9%
monthly profits through a supposed "Solano ecosystem."
Nonexistent Services:
Claimed automated bots and software were used for high-performance
Bitcoin, Ethereum, and other crypto trading.
Offered a staking service for BTC, ETH, SOL, USDT, and DOGE under
"Solanofi 2.0" with guaranteed profits.
Referral Incentives: Users were shown false account dashboards and
given a 15% referral bonus to recruit others into the scheme.
According to the CFTC, no trading or staking services ever existed, and customer
funds were misappropriated.
Exploiting Trust and Vulnerability
The regulator claims that Pinillo targeted unsophisticated customers with minimal
knowledge of cryptocurrency or commodity trading.
Solicitations were conducted almost exclusively in Spanish, leveraging his
role as a pastor in a Spanish-speaking church in Pasco, Washington.
The CFTC stated this allowed him to exploit the trust of his congregation and
community.
Legal Action and Consequences
The CFTC seeks:
Restitution: For all defrauded customers.
Forfeiture: Of funds obtained through the scheme.
Trading Ban: Prohibiting Pinillo from engaging in digital or commodity trading.
Permanent Injunction: To prevent future fraudulent activities.
Pinillo has yet to respond publicly, and his legal representation remains unclear.
A Broader Crackdown on Crypto Fraud
The case highlights the ongoing challenges in combating crypto-related fraud.
In 2024 alone, the CFTC secured $17 billion in penalties through aggressive
enforcement in the digital asset space.
This case serves as a reminder to remain cautious when dealing with investment
opportunities, especially those promising unrealistically high returns. Trust must
never replace due diligence—always research thoroughly before investing in any
financial venture.
This is not financial advice. DYOR
#CryptoFraud #PonziScheme #CFTC #CryptoNews