Pastor Who Saw Crypto Project In His 'Dream' Indicted For Fraud (bleepingcomputer.com) 23
A pastor in Pasco, Washington, has been indicted on 26 counts of fraud for orchestrating a cryptocurrency scam that defrauded over 1,500 investors of nearly $5.9 million between 2021 and 2023. Many of the investors were members of his congregation. BleepingComputer reports: The US Department of Justice says the pastor, Francier Obando Pinillo, 51, used his position to recruit investors into a fraudulent cryptocurrency venture called "Solano Fi," which he told them "came to him in a dream" and was a guaranteed investment. "Pinillo used his position as pastor to induce members of his congregation and others to invest their money in a cryptocurrency investment business known as Solano Fi," reads the US Department of Justice announcement. "Pinillo claimed the idea for Solano Fi had come to him in a dream and that it was a safe and guaranteed investment."
The pastor also set up a Facebook page for Solano Fi to attract more investors outside his direct sphere of influence, as well as a Telegram group named 'Multimillionarios SolanoFi,' which had 1,500 members. The indictment alleged that Pinillo promised investors they would receive guaranteed monthly investment returns of 34.9% at no risk whatsoever. The indictment further claims he directed the victims to make cryptocurrency transfers to wallets under his control, and instead of investing the funds, he diverted them for personal use. Investors were provided access to a Solano Fi web app where they could manage their funds; however, the app showed fake balances and investment returns. Those convinced by the fraud were encouraged to recruit more investors for additional returns, expanding the victims' circle. As in similar scams, when the victims attempted to withdraw money from the Solano Fi app, the transaction failed.
The pastor also set up a Facebook page for Solano Fi to attract more investors outside his direct sphere of influence, as well as a Telegram group named 'Multimillionarios SolanoFi,' which had 1,500 members. The indictment alleged that Pinillo promised investors they would receive guaranteed monthly investment returns of 34.9% at no risk whatsoever. The indictment further claims he directed the victims to make cryptocurrency transfers to wallets under his control, and instead of investing the funds, he diverted them for personal use. Investors were provided access to a Solano Fi web app where they could manage their funds; however, the app showed fake balances and investment returns. Those convinced by the fraud were encouraged to recruit more investors for additional returns, expanding the victims' circle. As in similar scams, when the victims attempted to withdraw money from the Solano Fi app, the transaction failed.
seriously ? (Score:2)
Are any of the "victims" being jailed for utter stupidity?
35% guaranteed return? If you believe that, you deserve to pay the learning fee for that lesson.
Re: (Score:3)
Well, they ARE religious people, so there's that.
Re: seriously ? (Score:2)
Re: (Score:2)
Re: (Score:2)
Are any of the "victims" being jailed for utter stupidity?
35% guaranteed return? If you believe that, you deserve to pay the learning fee for that lesson.
Worse than that! Monthly!
How did he plan to get away with that? (Score:2)
Re: (Score:2)
Re: How did he plan to get away with that? (Score:2)
It's fraud all the way down (Score:1)
Fraudster pushing religious delusion gets taken to taask for pushing financial delusion.
Double standards!
Still the best (Score:2)
https://www.web3isgoinggreat.com/ [web3isgoinggreat.com]
Crypto is a scam, and an enormously resource intensive wasteful one at that. It's a shame the cryptobros never put any these resources in to folding proteins for medicine instead.
Re:Still the best (Score:4, Interesting)
Now there's an idea. Rather than 'folding at home' as a charity effort, use part of the Bitcoin model. Protein folding in place of mining, with payouts if you're lucky enough to get a solution.
Big Pharma benefits from the drugs designed based on the results of this project, by injecting money into the system the participation rates would skyrocket.
LAZY asses can't be bothered to post inidctment (Score:2)
Techdirt often calls people out for talking about a court filing but not including it. I do so here. Neither Slashdot nor Bleepingcomputer nor the US department of injustice bothered to include the filing.
Here is it:
https://www.scribd.com/documen... [scribd.com]
US DOJ: Fuck you for issuing lazy press releases and not including the filing.
BLEEPING COMPUTER: Fuck you for rehashing what the government liars say and not including the filing.
SLASHHDOT: Earlly "slasdot weekend with BeauSD"?
As to the discussion, this isn't
Re: (Score:2, Flamebait)
So forget "pastor". [snip] headline should read "Con man
You're repeating yourself.
Re: (Score:3)
Ooh, looky here...a CryptoBro with his knickers in a knot.
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Thanks for posting the link to the filling gavron.
Questioning what anyone is saying is always the best defense in life. When people choose not to, for any number of reasons, stuff like this happens and it seems to happen a lot.
That being said, this feels like a worse sort of bad because a person in a position of power/trust is abusing that position. A pastor bilking his flock smells like a firefighter committing arson to me.
Maybe his flock will help him become a better person through forgiveness after the b
Re: (Score:1)
That being said, this feels like a worse sort of bad because a person in a position of power/trust is abusing that position. A pastor bilking his flock smells like a firefighter committing arson to me.
At least he wasn't puttering the choir boys.
Do religion next! (Score:2)
I was promised salvation, but I don't feel forgiven!
On a serious note, given how religion seems to guilt people into parting with their money while offering things that can't possibly be measured as true, how is that not also fraud?
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There are requirements for believers that put you on a path of goodness and love,
Take the universe and grind it down to the finset powder.
Run the powder through the finest sieve.
Show me one single atom of this "goodness" and "love" BS you're pushing.
Religious delusion is a mental illness. We should be treating it, not encouraging it.
There's a reason religious web sites are some of the most infectious out there. The religious make for some stupidly easy marks. Zero effort cons are pretty much guaranteed to work because their capacity for reasoning and critical thought are voluntrarily at
Re: (Score:1)
how is that not also fraud?
I've been wondering what the authorities would do if I started selling updated accommodations for the afterlife. Want an extra garage or bath? Something closer to the golden throne, or further from all that off-key singing? Or most popular of all, something farther from those people.
Pay now and get it later, of course.
Re: Do religion next! (Score:2)
Re: (Score:2)
I've been wondering what the authorities would do if I started selling updated accommodations for the afterlife.
Sounds very close to indulgences... Expect a call from the Vatican very soon.
Damn (Score:2)
Pastor Who Saw Crypto Project In His 'Dream' Indicted For Fraud.
Damn, what a gullible breed.
-- Agent K.