News 
January 13, 2025 
3 min. 
A Washington state pastor has been indicted on 26 counts of fraud for allegedly scamming over 1,500 investors through a crypto scheme called Solano Fi, which he claimed was inspired by a dream.
On January 9, the Justice Department announced that Francier Obando Pinillo was arraigned in federal court. Prosecutors say he used his position as a pastor to persuade members of his congregation to invest in what he called a “safe and guaranteed” opportunity.
Pinillo reportedly told investors that Solano Fi was a risk-free venture, but authorities say it was a scam. If convicted, he could face up to 20 years in prison.
Deep Dive into How The Pastor Carried Out the Crypto Scam
In December, the Commodity Futures Trading Commission filed a separate lawsuit accusing Pinillo of stealing $6 million from investors.
The U.S. Attorney’s Office for the Eastern District of Washington says Pinillo was a pastor at a Spanish-speaking church in Pasco, Washington. He allegedly recruited investors through Solano Fi’s Facebook page and a Telegram group called “Multimillionarios SolanoFi,” which had over 1,500 members. Some of the victims were reportedly members of his own congregation.
Prosecutors say that Solano Fi’s founder misled potential investors by claiming the company traded Bitcoin, Ether, and other cryptocurrencies on their behalf. He also allegedly promised risk-free monthly returns of up to 35% by staking tokens.
According to the Justice Department, investors saw fake account balances on the Solano Fi website, showing returns that didn’t exist. However, they were reportedly unable to withdraw funds. Some were told they had to wait for the crypto market to recover, while others were told they needed to bring in new investors to “buy out” their accounts.
Prosecutors allege that the founder and his team kept the investors’ money for themselves while making these excuses. They also claim victims were misled with promises of extra returns if they referred new investors, a tactic often seen in pyramid schemes.
The scheme allegedly operated from November 2021 to October 2023. Washington U.S. Attorney Vanessa Waldref stated that her office is focused on recovering as much of the stolen money as possible. However, she acknowledged that the nature of cryptocurrency accounts can make recovery efforts more difficult.
