Originally published on: December 11, 2024
The United States Commodity Futures Trading Commission has filed a lawsuit against a pastor, accusing him of promoting a $6 million crypto Ponzi scheme to 1,500 people, including members of his church in Washington state.
On December 10, the CFTC announced that it had lodged a complaint against Francier Obando Pinillo for fraud and misappropriation in connection with what it described as a multilevel marketing scheme.
According to the CFTC’s complaint filed on December 9 in a Spokane federal court, Pinillo, who serves as a pastor at a Spanish church in Pasco, Washington, allegedly promoted a trading platform to his congregants and others through social media. He claimed that the platform offered rewards through “high-performance” crypto trading.
The CFTC alleged that from November 1, 2021, to December 31, 2023, Pinillo posed as the CEO of Solanofi, Solano Partners Ltd. and Solano Capital Investments, all purportedly involved in the development of a “Solano ecosystem” for trading Bitcoin, Ether, Tether, and other cryptocurrencies on behalf of clients.
Pinillo promised customers monthly profits of up to 34.9% through Solanofi and offered a staking service for various cryptocurrencies through a program known as Solanofi 2.0, which guaranteed profits and included referral bonuses.
However, the CFTC claims that these promises were false, and that no trading or staking services actually existed as advertised.
The CFTC stated in its complaint that Pinillo targeted “unsophisticated customers” with little experience in digital assets or commodity trading, and that his solicitations were primarily conducted in Spanish, taking advantage of his position of trust as a pastor.
The regulator is seeking restitution for the defrauded customers, forfeiture of funds generated through the scheme, a trading ban, and a permanent injunction against Pinillo.
As of now, information on Pinillo’s legal representation is not available, and he has not responded to requests for comment.
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