WASHINGTON, D.C.— The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Francier Obando Pinillo, operating under the businesses Solanofi, Solano Partners Ltd., and Solano Capital Investments, for orchestrating a fraudulent digital asset scheme. The scheme, valued at a minimum of $5.9 million, targeted over 1,515 U.S. customers.
Pinillo allegedly preyed on individuals with limited experience in digital asset or commodity trading, specifically targeting members of a Spanish church in Pasco, Washington, where he served as pastor. He presented himself as the CEO of the Solanofi entities and falsely claimed to operate an automated trading system called “Solanofi,” promising risk-free profits of up to 34.9% monthly through a leveraged staking platform.
According to the CFTC complaint, Pinillo provided customers with fabricated account statements showing purported balances and profits. He incentivized recruitment by offering a 15% referral fee, creating a Ponzi-like structure where funds from newer investors were used to pay earlier investors. The agency alleges that no actual trading platform existed, no trades were executed, and all customer funds were misappropriated by Pinillo.
The CFTC alleges Pinillo failed to disclose critical information to investors, including the lack of a trading platform, the fabricated account statements, and the non-existence of any legitimate trading activity or profitability. He is accused of misappropriating all customer funds and using later investors’ money to pay earlier investors, a hallmark of a Ponzi scheme.
The CFTC is seeking restitution for defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, a ban on future trading activities, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC Regulations. The case is being pursued by CFTC staff members Ken Koh, Karen Kenmotsu, Chrystal Gonnella, Kelly Makimoto-Murphy, Timothy J. Mulreany, and Paul G. Hayeck.
The CFTC also issued a fraud advisory warning against similar schemes, particularly those leveraging online dating and social media to lure victims into fraudulent digital asset trading platforms.
Source: CFTC.gov
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