Cryptocurrency scammers are becoming more creative in their attempts to scam and scam unsuspecting investors and individuals. What is even more worrying is that these scammers do not fit a particular profile or background. That’s exactly what happened to parishioners of Ministerio Apostólico Profético Tiempos de Poder in Pasco, Washington, when they fell foul of a cryptocurrency scam run by their priest.
According to the US Department of Justice, the Eastern District of Washington has Francier Obando Pinelo was formally chargeda 51-year-old pastor based in Miami, is charged with 26 counts of fraud.
The Department of Justice released a document stating that Rev The mastermind of the crypto scam From November 2021 to October 2023, which will cost unsuspecting investors millions of dollars.
Solano Faye came to the priest “in a dream”
Penelo was pastor of the Tempus de Poder vocational apostolic ministry in Pasco, Washington, with its Spanish-speaking congregation. According to the indictment, the scam was called “Solano Fi.” This was not an ordinary crypto scam that I have read many times online. According to multiple sources, the idea to offer an investment in cryptocurrencies came to Father Penelo in a “dream.”
Penelo used the pulpit and his authority in the parish to sell the investment to his congregation, emphasizing that Solano Fi was safe and offered guaranteed payments. The pastor reportedly expected a monthly return of 34.9%, and to attract more investors, he ran a social media campaign.
Pinillo allegedly launched a Telegram group, “Multimillionarios SolanaFi,” with more than 1,500 members, and a Solano Fi Facebook page.
Solano Fi Investment Ponzi Scheme
According to investigators, investors lost money while Penelo’s personal wealth continued to grow. Instead of storing the money, authorities learned it was transferred to the personal accounts of priests and other fraudsters.
Authorities also discovered that Pinillo offered a 15% referral bonus to incentivize others to join and invest their money, which led to the creation of Ponzi-like program. Under this scheme, the pastor used the new investors’ money to pay off the “dividends” of the previous investors.
Reasons rather than profits
Pinello and his partners have also launched an online platform that investors can check out to track their investments. However, according to the Ministry of Justice, the online platform only showed fake balances and did not allow investors to withdraw their funds.
Investors’ problems worsened when they started demanding payments. After requesting their funds, they are often told that withdrawals are not possible due to a faulty website or a bearish cryptocurrency market. Some investors said Pinillo would not return the investment unless they could bring in new investors to “buy out” the accounts.
If found guilty, Penelo will serve a maximum of 20 years in prison.
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