Washington state priest Francier Obando Pinillo faces charges for leading a fraudulent cryptocurrency operation that deceived over 1,500 investors out of millions of dollars. The 51-year-old said that the concept for his investment firm, “Solano Fi,” came to him in a dream, offering it as a risk-free opportunity with guaranteed monthly returns of 35%.
Pinillo allegedly used his position as spiritual leader of a Spanish-language church in Pasco, Washington, to acquire the trust of his flock, many of whom became victims. Pinillo also utilized social media sites like Facebook and Telegram to expand his audience. Promises of large profits and financial incentives for recruiting new members enticed investors.
The plan allegedly included a sophisticated internet gateway that displayed phony account balances to create the illusion of regular income. Investors faced a variety of excuses, including “market instability” and technical problems, when they attempted to withdraw their money. The system even forced some investors to find new investors or pay extra fees to “repair” it.
Federal authorities allege that Pinillo and his associates misappropriated the cash for personal use rather than investing it as promised. The fraudulent enterprise, which lasted from late 2021 to 2023, reportedly generated more than $6 million.
According to U.S. Attorney Vanessa Waldref, collecting money from cryptocurrency-related scams can be difficult due to the nature of digital assets. However, attempts are underway to hold Pinillo accountable and make some restitution to the victims. If convicted, Pinillo risks up to 20 years in prison, putting an end to what he once called a “dream” opportunity.
