US CFTC charges pastor with selling $6 million crypto Ponzi scheme to congregants

The U.S. Commodity Futures Trading Commission (CFTC) has charged a pastor named "Francier Obando Pinillo" with promoting a cryptocurrency Ponzi scheme to 1,500 people, including some churchgoers in Washington, D.C., and claiming that the scam raised $6 million. The regulator alleges that between November 1, 2021 and December 31, 2023, Pinillo claimed to be the CEO of Solanofi, Solano Partners Ltd., and Solano Capital Investments, which 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% in profits per month and were told that the platform used robots and other software to trade cryptocurrencies. The CFTC said that the trading or staking services promised by Pinillo did not exist, that the statements and account statements were false, that there was no automated computer trading program, that there were no customer accounts, that no trades were made or profits were generated, and that the defendants misappropriated all digital and fiat assets transferred by customers. The regulator is seeking restitution to defrauded customers, forfeiture of all funds generated through the scheme, a trading ban, and a permanent injunction. (Cointelegrapgh)