CFTC-PR-9015-24 (12-10-24) (CFTC-PR-2412)

CFTC Charges Washington State Pastor with Fraud, Misappropriation in Multilevel Marketing Scheme Targeting Hispanic Americans

Excerpt:  December 10, 2024 – WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced a civil enforcement action in the U.S. District Court for the Eastern District of Washington against Francier Obando Pinillo, doing business as Solanofi, Solano Partners Ltd., and Solano Capital Investments – collectively Solanofi entities – for engaging in a fraudulent digital assets multilevel marketing scheme worth at least $5.9 million.

Pinillo targeted at least 1,515 customers in the United States, including members of a Spanish church where he was the pastor in Pasco, Washington, in the scheme.

In its continuing litigation, the CFTC seeks restitution to defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, trading bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC Regulations.

Source:  https://www.cftc.gov/PressRoom/PressReleases/9015-24

Categories:  Misappropriation – Multilevel Marketing – Affinity Fraud – Digital Assets

CFTC-PR-9015-24 (12-10-24)