TechFlow news — On January 14, according to cryptodnes, Francier Obando Pinillo, a pastor from Washington state, has been charged for allegedly defrauding over 1,500 people through a cryptocurrency scheme named Solano Fi. Between November 2021 and October 2023, Pinillo leveraged his position as a pastor to recruit victims through church networks, social media, and Telegram groups, promising risk-free monthly returns of up to 35%.
Investors saw fictitious balances on the Solano Fi platform but were unable to withdraw funds, with some told they needed to recruit new participants before withdrawals would be allowed. The U.S. Department of Justice and the Commodity Futures Trading Commission have filed multiple fraud charges against Pinillo, who now faces a maximum sentence of 20 years in prison. However, tracing the encrypted assets has proven extremely difficult.
