The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Francier Obando Pinillo, a pastor accused of orchestrating a $6 million cryptocurrency Ponzi scheme that targeted approximately 1,515 victims, primarily from his congregation. The CFTC alleges that Pinillo promoted the scheme by promising investors returns of 35% through a fictitious 'Solano ecosystem' involving fake crypto bots and staking. The fraudulent operation reportedly utilized deceptive tactics, including false dashboards and referral bounties, to maintain its facade until its eventual collapse. The case highlights ongoing concerns regarding cryptocurrency fraud, particularly within vulnerable communities.
Washington state pastor has been charged with a rug pulling his congregation. Took $5.9 million via promise of magic algo-trader named Solanofi
NEW: A 🇺🇸 California court orders 5 individuals to pay over 💵 $5M for running an $8.4M fraud on 190 people by falsely promising high returns on #Bitcoin and other digital assets through a fake mining and trading platform. https://t.co/27x76RTAYw
[COINTELEGRAPH] IcomTech execs set to pay over $5M for fake Bitcoin trading scheme