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The Commodity Futures Trading Commission (CFTC) has accused a pastor from Washington of orchestrating a $6 million crypto Ponzi scheme, deceiving 1,500 people with promises of high returns and a non-existent investment ecosystem.
Let’s see all the details in this article.
Promises of extraordinary returns revealed as a fraud: what the CFTC discovered about the Ponzi scheme
In the United States, the Commodity Futures Trading Commission (CFTC) recently uncovered a $6 million crypto Ponzi scheme involving a pastor in the state of Washington.
The main accusation is directed at Francier Obando Pinillo, leader of a religious community in Pasco. He allegedly exploited the trust of his followers and other people to promote a fraudulent cryptocurrency investment system.
According to the complaint filed on December 9 in a federal court in Spokane, Pinillo allegedly used his position as a pastor to persuade about 1,500 individuals, many of whom were members of his congregation, to invest in a system that promised extraordinary returns.
The shepherd claimed to manage a platform called “Solanofi”, presented as an innovative ecosystem for trading cryptocurrencies.
Pinillo claimed that the investments would be managed through sophisticated technological tools, including automated bots for trading.
Through social media and direct meetings, Pinillo guaranteed investors monthly returns of up to 34.9%. Specifically, stating that the funds would be used for highly performing trading operations on cryptocurrencies like Bitcoin, Ether, and Tether.
Furthermore, the offer included an alleged staking service for digital assets, which promised additional profits thanks to an advanced platform called “Solanofi 2.0”.
As an additional incentive, Pinillo proposed a referral commission of 15% for anyone who brought new investors into the system. In other words, a classic multi-level marketing mechanism used in many Ponzi schemes.
The reality behind the promises
However, the CFTC revealed that none of the services promised by Pinillo actually existed. According to the investigations, there was no automated bot, no staking system, and not even an operational trading platform.
The account statements and online dashboards shown to users were completely false. In reality, Pinillo would have misappropriated the collected funds, allocating them to other unspecified purposes.
The complaint states that the victims were mostly “unsophisticated customers,” with no experience in cryptocurrency markets or digital asset trading, making them particularly vulnerable to the shepherd’s manipulative tactics.
One of the most controversial aspects of the affair is the use of the role of shepherd by Pinillo to gain the trust of his victims. According to the CFTC, his solicitations were almost entirely in Spanish, aimed at members of the local Hispanic community.
The combination of familiar language and the prestige associated with his religious role created an environment in which people were more inclined to trust his promises.
Legal consequences
The CFTC has requested the court for several measures to address the case. Among these, the return of funds to the victims, the confiscation of all profits derived from the scheme, and a permanent ban for Pinillo from participating in any trading or investment activity.
Furthermore, the agency is seeking to obtain a permanent injunction to prevent Pinillo from managing similar operations in the future.
At the moment, information about Pinillo’s lawyers is not available, nor has it been possible to obtain a statement from him.
In any case, this situation highlights the risks associated with investments in cryptocurrencies, particularly when they are promoted by individuals without proven experience in the field.
The authorities urge anyone intending to invest in financial products to conduct thorough research and to be wary of promises of guaranteed returns. Especially when they are presented as “too good to be true”.
According to CFTC data, scams in the cryptocurrency sector continue to be a significant challenge. In 2024, the agency recorded cases with a total value of 17 billion dollars.
This demonstrates how important it is to strengthen regulatory measures and raise public awareness about the risks associated with this type of investments.
English (US) ·