So, the Commodity Futures Trading Commission in the US is going after a pastor, saying he pushed a $6 million Ponzi scheme involving crypto to about 1,500 people, including members of his church in Washington state.
On December 10, the CFTC announced they filed a lawsuit against Francier Obando Pinillo for fraud and mismanagement, claiming this was all part of a multilevel marketing scam.
According to their complaint filed in a Spokane federal court on December 9, they allege that Pinillo, who leads a Spanish church in Pasco, Washington, told his churchgoers and others on social media that he was running a trading platform that promised big returns through "high-performance" crypto trading.
This is not a pastor but a businessman in the guise of a pastor. He represents the biblical wolf in sheeps clothing. he should be dealt with accordingly and if there was a way to strip him of ever standing in front of a congregation that should be part of his punishment. I know that most religious people are very gullible still, someone in the congregation who is knowledgeable about these ponzi schemes should enlightenment his fellows on crypto and get rich quick schemes. Also if people need jobs the church should be able to provide jobs for them so that they don't fall into these types of scams perpetrated by their any other religious leader.
Francier Obando Pinillo abused his position of trust as a pastor and used his influence to defraud them. It is common for religious leaders to use their authority to control the behavior of followers. The church members are also greedy and ignorant. How do you expect a monthly returns of up to 34.9% and a referral bonus of 15% on an investment? They also failed to do their homework. A simple research would have made them discover that it is a scam project. It is also a lesson to religious faithfuls that they shouldn't trust anybody even those who claim to be religious.
That is a crazy one, could it be possible that this man set up this congregation just to scam members of his church, if that is the case then we are talking about a scammer who had planned everything in advance and it makes the story more interesting. He has been running this ponzi since 2021 according to the article, which is a very long time, but when you promise people the kind of returns he did, they become very gullible to the hope of making money.
The news about the pastor carries a bit of humour.
But the CFTC will soon have a new Chair
https://www.bloomberg.com/news/articles/2024-12-12/andreessen-crypto-policy-lead-quintenz-in-running-for-cftc-chair
Andreessen Crypto Policy Lead Quintenz in Running for CFTC Chair
Quintenz interviewed for derivatives regulator job recently
Agency expected to undergo more favorable crypto policy shift
"Brian Quintenz has emerged as a top contender to lead the Commodity Futures Trading Commission on what could be a dramatic shift in crypto regulation under President-elect Donald Trump.
Quintenz, a former Republican CFTC commissioner, has been interviewed for the position, according to people familiar with the matter, who asked to speak on background about private discussions.
He currently leads policy at a16z Crypto, the digital asset arm of venture capital heavyweight Andreessen Horowitz. Quintenz as well as a spokesman for a16z declined to comment. A spokesperson for the Trump transition didnt respond to a request for comment on Wednesday."