{"id":33443,"date":"2024-12-11T16:17:34","date_gmt":"2024-12-11T13:17:34","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=33443"},"modified":"2024-12-11T16:17:34","modified_gmt":"2024-12-11T13:17:34","slug":"cftc-accuses-a-pastor-of-a-6-million-crypto-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/cftc-accuses-a-pastor-of-a-6-million-crypto-ponzi-scheme\/","title":{"rendered":"CFTC Accuses a Pastor of a $6 Million Crypto Ponzi Scheme!"},"content":{"rendered":"

CFTC<\/strong> <\/a>accuses a pastor of promoting a crypto<\/strong> scheme promising nearly 35% guaranteed returns to church members.<\/p>\n

The U.S. Commodity Futures Trading Commission (CFTC)<\/strong> has accused a pastor of promoting a $6 million crypto Ponzi<\/strong> scheme to 1,500 people, including those who attended his church in Washington state.<\/p>\n

On December 10, the CFTC<\/strong> announced that it had filed a complaint against Francier Obando Pinillo<\/strong> for fraud and misappropriation, as part of what it described as a multi-level marketing scheme.<\/p>\n

In a complaint filed on December 9 with a federal court in Spokane, the CFTC<\/strong> alleged that Pinillo<\/strong>, a pastor at a Spanish church in Pasco, Washington, operated a trading platform through which he claimed to reward users with “high-performance” crypto trading, targeting his congregation and others via social media.<\/p>\n

Related tweet:<\/strong><\/em><\/a><\/p>\n

\"tweet2\"<\/p>\n

The regulator stated that between November 1, 2021, and December 31, 2023, Pinillo<\/strong> claimed to be the CEO of Solanofi<\/strong>, Solano Partners Ltd.<\/strong>, and Solano Capital Investments<\/strong>. Pinillo<\/strong> allegedly stated that these companies had developed a \u201cSolano ecosystem<\/strong>\u201d in which they traded Bitcoin<\/strong>, Ether<\/strong>, Tether<\/strong>, and other cryptocurrencies<\/strong> on behalf of clients.<\/p>\n

The CFTC<\/strong> also claimed that Pinillo<\/strong> promised customers up to 34.9% monthly profits through Solanofi<\/strong> and that the platform used bots and other software for crypto trading.<\/p>\n

According to the complaint, a service known as Solanofi 2.0<\/strong> offered staking services for Bitcoin, Ether, Solana, USDT,<\/strong> and Dogecoin<\/strong>, promising \u201cguaranteed profits\u201d to customers. The CFTC<\/strong>\u2019s allegations also included claims that users were shown fake account statements on an online dashboard and offered a 15% referral fee to encourage others to join.<\/p>\n

The CFTC<\/strong>\u2019s complaint stated, \u201cThese representations and account statements were false.\u201d<\/p>\n

\u201cThere was no automated computer trading program, there were no customer accounts, there was no trading taking place or profits generated, and the defendant was misappropriating all digital and fiat assets customers transferred,\u201d it added.<\/p>\n

The CFTC<\/strong> alleged that \u201cunsophisticated customers,\u201d with little to no experience in digital asset transactions, commodity trading, or staking digital assets, were targeted.<\/p>\n

The regulator noted, \u201cThe defendant\u2019s solicitations were almost exclusively in Spanish, which permitted him to abuse his position of trust as a pastor.\u201d<\/p>\n

The CFTC<\/strong> is seeking restitution for defrauded customers, forfeiture of all funds generated through the scheme, a trading ban, and a permanent injunction. Information on Pinillo\u2019s lawyers was not immediately available.<\/p>\n

Pinillo<\/strong> did not respond to a request for comment sent via social media.<\/p>\n

\n

Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

CFTC accuses a pastor of promoting a crypto scheme promising nearly 35% guaranteed returns to church members. The U.S. Commodity Futures Trading Commission (CFTC) has accused a pastor of promoting a $6 million crypto Ponzi scheme to 1,500 people, including those who attended his church in Washington state. On December 10, the CFTC announced that<\/p>\n","protected":false},"author":29,"featured_media":33445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,2],"tags":[9986,61,9987,336,68,1729,9990,1532,9989,9991,9988,118,9985],"class_list":["post-33443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-news","tag-6-million","tag-bitcoin","tag-ceo-of-solanofi","tag-cryptocurrencies","tag-dogecoin","tag-ether","tag-pinillo","tag-ponzi","tag-solano-capital-investments","tag-solano-ecosystem","tag-solano-partners-ltd","tag-tether","tag-the-u-s-commodity-futures-trading-commission-cftc"],"yoast_head":"\nCFTC Accuses a Pastor of a $6 Million Crypto Ponzi Scheme! - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/cftc-accuses-a-pastor-of-a-6-million-crypto-ponzi-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CFTC Accuses a Pastor of a $6 Million Crypto Ponzi Scheme! - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"CFTC accuses a pastor of promoting a crypto scheme promising nearly 35% guaranteed returns to church members. 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