Francier Obando Pinillo, a 51-year-old former pastor from Miami, Florida, has been indicted on 26 counts of fraud for his role in a cryptocurrency scam that defrauded investors of millions of dollars between November 2021 and October 2023. 

Pinillo, who previously served as pastor at Ministerio Apostolico Profetico Tiempos de Poder, a Spanish-language church in Pasco, Washington, allegedly exploited his position to persuade members of his congregation and others to invest in a cryptocurrency scheme called “Solano Fi.” 

According to the indictment, Pinillo claimed the idea for Solano Fi came to him in a dream and promoted it as a “safe and guaranteed investment.” He reportedly used social media platforms, including a Solano Fi Facebook page and a Telegram group named “Multimillionarios SolanoFi” with over 1,500 members, to recruit investors.‍

Fraudulent Promises and Deceptive Practices

The indictment alleges that Pinillo falsely claimed Solano Fi used cryptocurrency staking to guarantee a compounding monthly return of 34.9% with no risk. He promised investors that they could access, view, and withdraw their funds through an online interface. However, the platform was allegedly designed to display fraudulent account balances and investment gains while preventing investors from withdrawing their money.

Instead of investing the funds as promised, Pinillo and his co-schemers allegedly converted the victims' cryptocurrency into accounts under their control. To further the scheme, Pinillo reportedly encouraged investors to recruit others, offering additional returns for referrals.

When victims attempted to withdraw their funds, Pinillo allegedly gave a range of excuses, including the need for improved cryptocurrency market conditions, website outages, or application issues. In some cases, he allegedly demanded that victims bring in new investors to “buy out” their accounts or contribute more money to "repair" and upgrade the Solano Fi system.‍

Law Enforcement Response

US Attorney Waldref emphasized the challenges posed by cryptocurrency scams, particularly the rapid transfer of funds to international accounts, which complicates recovery efforts. “Fraudulent investment schemes are not new, but cryptocurrency scams are a new way fraudsters take money from hardworking, honest people,” she said. Waldref reaffirmed the commitment of her office and the FBI to recover stolen funds and hold perpetrators accountable.

If convicted, Pinillo faces up to 20 years in prison for each count of fraud.