Pastor Indicted for Alleged $26 Million Cryptocurrency Scam Inspired by a 'Dream'

A Pastor's Dream Turns into a Nightmare

A Miami pastor, Francier Obando Pinillo, has been indicted on 26 counts of fraud for allegedly running a cryptocurrency scam that defrauded unsuspecting investors out of millions between late 2021 and 2023. Pinillo, who led a Spanish-speaking church in Pasco, Washington, reportedly claimed that his investment scheme, dubbed "Solano Fi", was inspired by a divine dream.

Pinillo's scam was heavily marketed through social media and his church's pulpit, promising investors a miraculous 34.9% monthly return with no risk, thanks to a process called cryptocurrency staking. However, the indictment reveals that the only miracle was how quickly investors' funds disappeared into accounts controlled by Pinillo and his accomplices.

When investors sought to withdraw their funds, they were met with a series of excuses, including claims that "crypto markets stink today" and demands to bring in new investors to cash out their accounts. Additionally, Pinillo purportedly charged "repair" fees to maintain the investment system.

U.S. Attorney Vanessa Waldref highlighted the challenges of cryptocurrency scams, noting that fraudsters often move funds to international accounts, complicating recovery efforts for victims. If convicted, Pinillo faces up to 20 years in prison.

Bitcoin Hard Drive Recovery Attempt Fails

In a separate story, James Howells from Newport, Wales, faced disappointment when a judge dismissed his lawsuit to excavate a landfill site in search of a hard drive he believes contains Bitcoin worth approximately £598 million ($725 million). Howells claims the drive was accidentally thrown away in 2013 and has been battling the Newport City Council for access to the site. The judge ruled there were no reasonable grounds for the claim, leaving Howells feeling frustrated and without recourse. He is now contemplating launching his own cryptocurrency as a new venture.