Washington preacher accused of fabricating $5.9M crypto investments

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Washington priest Francier Obando Pinilo has denied wire fraud charges after taking $5.9 million from church members.

Accused of stealing $5.9 million from church members, a Washington pastor has denied wire fraud. The preacher allegedly collected money from believers and others to invest in risk-free cryptocurrencies.

Francier Obando Pinilo, the priest, promised his victims 40% monthly returns, according to court records. Pasco’s Tiempo de Poder Church pastor will invest the monies in Solano Fi, his crypto firm. Court papers suggest he transferred the funds to his and his co-schemers’ accounts.

After being charged by the US Eastern Washington District Court, Pinilo was arrested at his Miami residence on December 5. He faced 25 wire fraud charges and one money-transmitting business offense. Pinilo posted church-related postings on Facebook after his two-location Pasco church closed.

The accused pastor appeared Thursday at the Richland US Courthouse at the Federal Building. If convicted, Pinilo could get 20 years in prison, the maximum for fraud.

Pinilo will also face a legal complaint from the Commodity Trading Commission. Congress authorizes the commission to oversee commodities exchanges.

Pinilo allegedly targeted multiple persons, including church members, between November 2021 and October 2023, according to the petition. He especially targeted crypto newbies.

He also presented his investment ideas to churchgoers who didn’t know what he was investing in. His Spanish articles informed victims of commodities trading investments.

The civil case alleged he deceived innocent individuals, including churchgoers, by seeming honest and trustworthy. “As the pastor of his church in Pasco, Wash., and as a guest speaker at other churches, the defendant (Pinillo) was able to contact a wide number of prospective clients, who felt he was honest and trustworthy,” the complaint said

As a guest pastor, the Washington pastor talked on the advantages of the church rising themselves out of poverty before offering his proposition. He promised devotees a 34.9% monthly return on their money. He sought investments at public events at the Conference Centre or Pasco Red Lion Hotel in addition to churches. He promoted his investments on Facebook and started a 1,500-person Telegram group.

Court filings show Solano Fi had no investing or trading programs. It revealed Pinilo manipulated online account statements to demonstrate earnings. Investors received bogus statements to part with their money. Recruiting numbers determined participants’ rewards, according to court filings. Documents show that the Washington preacher handled the initiative like a Ponzi scheme, rewarding early investors.

New members’ withdrawal requests caused problems. The Washington preacher gave excuses, not money. He alternated between lying about the crypto market decrease and website outages and telling investors to attract new members to buy out their accounts. The docs also said he encouraged clients to contribute money to restore the platform’s technology to retrieve their money.

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