U.S. CFTC accuses a pastor of running a crypto Ponzi scheme, defrauding congregants of $6 million

2024-12-11 14:21:36

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ChainCatcher news, according to Cointelegraph, the U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against a pastor named "Francier Obando Pinillo," accusing him of promoting a cryptocurrency Ponzi scheme to 1,500 people, including some congregants of a church in Washington, claiming that the scheme raised $6 million.

The regulator alleges that from November 1, 2021, to December 31, 2023, Pinillo claimed to be the CEO of Solanofi, Solano Partners Ltd., and Solano Capital Investments, companies that developed the "Solano ecosystem" and traded Bitcoin, Ethereum, USDT, and other cryptocurrencies on behalf of clients. Pinillo promised clients that through Solanofi, they could earn up to 34.9% profit each month.

The CFTC stated that the trading or staking services promised by Pinillo did not exist at all, and his statements and account statements were false. The defendant misappropriated all digital and fiat assets transferred by clients. The regulator seeks restitution for defrauded clients, the forfeiture of all funds generated through the scheme, the imposition of trading bans, and the issuance of a permanent injunction.

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