A grand jury in Washington state has charged a pastor with 26 counts of fraud, alleging that he deceived over 1,500 investors through a fraudulent cryptocurrency venture known as Solona Fi. The indictment, announced on January 9, stems from an investigation revealing that Francier Obando Pinillo exploited his role as a religious leader to entice church members into what he claimed was a secure investment opportunity.
Pinillo purportedly asserted that the concept for Solona Fi came to him in a dream and promised that it would yield safe, guaranteed returns. If convicted, he could face a prison sentence of up to 20 years. In a related legal action, the Commodity Futures Trading Commission has accused Pinillo of misappropriating $6 million from investors.
According to the U.S. Attorney’s Office for the Eastern District of Washington, Pinillo led a Spanish-language congregation in Pasco and used social media platforms, including Facebook and Telegram, to recruit potential investors. Many of those defrauded were members of his church community. Prosecutors allege that Pinillo misrepresented the nature of Solona Fi, claiming it traded major cryptocurrencies and offered monthly returns as high as 35% with no risk.
Investors were reportedly given access to fraudulent account statements that displayed inflated returns, but withdrawal of their funds was consistently denied. Some were told they needed to wait for favorable market conditions, while others were manipulated into bringing in new investors as a prerequisite for accessing their money.
The indictment describes Solona Fi as operating between November 2021 and October 2023, employing tactics characteristic of pyramid schemes. The U.S. Attorney’s Office has committed to recovering as much of the defrauded money as possible, though they acknowledged the difficulties associated with tracing funds in cryptocurrency-related scams.
